Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Oct. 15, 2013 | Mar. 01, 2013 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WINNEBAGO INDUSTRIES INC | ||
Entity Central Index Key | 107687 | ||
Current Fiscal Year End Date | -23 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Aug-13 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 27,877,224 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $539,981,520 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Net revenues | $803,165 | $581,679 | $496,418 |
Cost of goods sold | 718,534 | 537,999 | 456,664 |
Gross profit | 84,631 | 43,680 | 39,754 |
Operating expenses: | |||
Selling | 18,318 | 16,837 | 14,251 |
General and administrative | 21,887 | 17,267 | 14,263 |
Assets held for sale impairment (gain) | 28 | 50 | -39 |
Total operating expenses | 40,233 | 34,154 | 28,475 |
Operating income | 44,398 | 9,526 | 11,279 |
Non-operating income | 696 | 581 | 658 |
Income before income taxes | 45,094 | 10,107 | 11,937 |
Provision (benefit) for taxes | 13,141 | -34,865 | 94 |
Net income | 31,953 | 44,972 | 11,843 |
Income per common share: | |||
Basic (in dollars per share) | $1.14 | $1.54 | $0.41 |
Diluted (in dollars per share) | $1.13 | $1.54 | $0.41 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 28,075 | 29,145 | 29,121 |
Diluted (in shares) | 28,170 | 29,207 | 29,148 |
Other comprehensive income (loss): | |||
Amortization of prior service credit (net of tax of $1,944, $1,791, and $1,578) | -3,226 | -2,801 | -2,621 |
Amortization of net actuarial loss (net of tax of $361, $387 and $412) | 1,264 | 644 | 685 |
Decrease (increase) in actuarial loss (net of tax of $2,177, $3,894 and $0) | 3,612 | -3,630 | 245 |
Plan amendment (net of tax of $1,613, $1,729 and $0) | 2,676 | 2,869 | 0 |
Unrealized appreciation (depreciation) of investments (net of tax of $125, $189 and $3) | 209 | -314 | -5 |
Total other comprehensive income (loss) | 4,535 | -3,232 | -1,696 |
Comprehensive income | $36,488 | $41,740 | $10,147 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Income Statement [Abstract] | |||
Amortization of prior service credit (net of tax of $1,944, $1,791 and $1,578) | $1,944 | $1,791 | $1,578 |
Amortization of net actuarial loss (net of tax of $361, $387 and $412) | 361 | 387 | 412 |
Decrease (increase) in actuarial loss (net of tax of $2,177, $3,894 and $0) | 2,177 | 3,894 | 0 |
Plan amendment (net of tax of $1,613, $1,729 and $0) | 1,613 | 1,729 | 0 |
Unrealized appreciation (depreciation) of investments (net of tax of $125, $189 and $3) | $125 | $189 | $3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $64,277 | $62,683 |
Receivables, less allowance for doubtful accounts ($152 and $175, respectively) | 29,145 | 22,726 |
Inventories | 112,541 | 87,094 |
Prepaid expenses and other assets | 8,277 | 4,509 |
Income taxes receivable | 1,868 | 1,603 |
Deferred income taxes | 7,742 | 8,453 |
Total current assets | 223,850 | 187,068 |
Property, plant, and equipment, net | 20,266 | 19,978 |
Assets held for sale | 0 | 550 |
Long-term investments | 2,108 | 9,074 |
Investment in life insurance | 25,051 | 23,127 |
Deferred income taxes | 25,649 | 30,520 |
Goodwill | 1,228 | 1,228 |
Amortizable intangible assets | 0 | 641 |
Other assets | 10,993 | 13,886 |
Total assets | 309,145 | 286,072 |
Current liabilities: | ||
Accounts payable | 28,142 | 24,920 |
Income taxes payable | 0 | 348 |
Accrued expenses: | ||
Accrued compensation | 22,101 | 16,038 |
Product warranties | 8,443 | 6,990 |
Self-insurance | 4,531 | 4,137 |
Accrued loss on repurchases | 1,287 | 627 |
Promotional | 1,910 | 2,661 |
Other | 3,940 | 5,297 |
Total current liabilities | 70,354 | 61,018 |
Total long-term liabilities: | ||
Unrecognized tax benefits | 3,988 | 5,228 |
Postretirement health care and deferred compensations benefits | 64,074 | 75,135 |
Total long-term liabilities | 68,062 | 80,363 |
Contingent liabilities and commitments | ||
Stockholders' equity: | ||
Capital stock common, par value $0.50; authorized 60,000 shares, issued 51,776 shares | 25,888 | 25,888 |
Additional paid-in capital | 29,334 | 28,496 |
Retained earnings | 509,443 | 477,490 |
Accumulated other comprehensive income | 849 | -3,686 |
Treasury stock, at cost (23,917 and 23,122 shares, respectively) | -394,785 | -383,497 |
Total stockholders' equity | 170,729 | 144,691 |
Total liabilities and stockholders' equity | $309,145 | $286,072 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Receivables, less allowance for doubtful accounts | $152 | $175 |
Capital stock common, par value (in dollars per share) | $0.50 | $0.50 |
Capital stock common, shares authorized (in shares) | 60,000 | 60,000 |
Capital stock common, shares issued (in shares) | 51,766 | 51,766 |
Treasury stock, at cost, shares (in shares) | 23,917 | 23,122 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Shares [Member] | Additional Paid-In Capital (APIC) [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Aug. 28, 2010 | $97,527 | $25,888 | $29,464 | $420,675 | $1,242 | ($379,742) |
Beginning balance (in shares) at Aug. 28, 2010 | 51,776,000 | -22,661,000 | ||||
Stock option exercises | 103 | -48 | 151 | |||
Stock option exercises (in shares) | 9,000 | 9,000 | ||||
Creation/utilization of APIC pool due to stock award | -189 | -189 | ||||
Issuance of restricted stock | 0 | -42 | 42 | |||
Issuance of restricted stock (in shares) | 2,000 | |||||
Issuance of stock to directors | 189 | -97 | 286 | |||
Issuance of stock to directors (in shares) | 17,000 | |||||
Forfeitures | -83 | -83 | ||||
Stock-based compensation | 1,126 | 1,126 | ||||
Payments for the purchase of common stock | -90 | -90 | ||||
Payments for the purchase of common stock (in shares) | -8,000 | |||||
Prior service cost and actuarial loss, net of tax | -1,691 | -1,691 | ||||
Unrealized appreciation (depreciation) of investments, net of tax | -5 | -5 | ||||
Net income (loss) | 11,843 | 11,843 | ||||
Ending balance at Aug. 27, 2011 | 108,730 | 25,888 | 30,131 | 432,518 | -454 | -379,353 |
Ending balance (in shares) at Aug. 27, 2011 | 51,776,000 | -22,641,000 | ||||
Stock option exercises (in shares) | 0 | |||||
Creation/utilization of APIC pool due to stock award | -119 | -119 | ||||
Issuance of restricted stock | 0 | -2,011 | 2,011 | |||
Issuance of restricted stock (in shares) | 120,000 | |||||
Issuance of stock to directors | 235 | -214 | 449 | |||
Issuance of stock to directors (in shares) | 27,000 | |||||
Forfeitures | -95 | -95 | ||||
Stock-based compensation | 804 | 804 | ||||
Payments for the purchase of common stock | -6,604 | -6,604 | ||||
Payments for the purchase of common stock (in shares) | -628,000 | |||||
Prior service cost and actuarial loss, net of tax | -5,787 | -5,787 | ||||
Plan amendment, net of tax | 2,869 | 2,869 | ||||
Unrealized appreciation (depreciation) of investments, net of tax | -314 | -314 | ||||
Net income (loss) | 44,972 | 44,972 | ||||
Ending balance at Aug. 25, 2012 | 144,691 | 25,888 | 28,496 | 477,490 | -3,686 | -383,497 |
Ending balance (in shares) at Aug. 25, 2012 | 51,776,000 | -23,122,000 | ||||
Stock option exercises | 75 | 9 | 66 | |||
Stock option exercises (in shares) | 4,000 | 4,000 | ||||
Creation/utilization of APIC pool due to stock award | 86 | 86 | ||||
Issuance of restricted stock | 438 | -729 | 1,167 | |||
Issuance of restricted stock (in shares) | 71,000 | |||||
Issuance of stock to directors | 206 | 9 | 197 | |||
Issuance of stock to directors (in shares) | 12,000 | |||||
Vesting of directors' stock units | 158 | 158 | ||||
Stock-based compensation | 1,305 | 1,305 | ||||
Payments for the purchase of common stock | -12,718 | -12,718 | ||||
Payments for the purchase of common stock (in shares) | -882,000 | |||||
Prior service cost and actuarial loss, net of tax | 1,650 | 1,650 | ||||
Plan amendment, net of tax | 2,676 | 2,676 | ||||
Unrealized appreciation (depreciation) of investments, net of tax | 209 | 209 | ||||
Net income (loss) | 31,953 | 31,953 | ||||
Ending balance at Aug. 31, 2013 | $170,729 | $25,888 | $29,334 | $509,443 | $849 | ($394,785) |
Ending balance (in shares) at Aug. 31, 2013 | 51,776,000 | -23,917,000 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Statement of Stockholders' Equity [Abstract] | |||
Prior service cost and actuarial (loss), tax | ($594) | ($5,298) | ($1,166) |
Unrealized appreciation (depreciation) of investments, tax | -125 | -189 | 3 |
Plan amendment, tax | $1,613 | $1,729 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Operating activities: | |||
Net income | $31,953 | $44,972 | $11,843 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,764 | 4,872 | 5,492 |
LIFO (income) expense | -1,180 | -613 | 2,075 |
Asset impairment | 0 | 50 | 605 |
Stock-based compensation | 3,009 | 1,918 | 1,315 |
Deferred income taxes including valuation allowance | 1,790 | -34,749 | 517 |
Postretirement benefit income and deferred compensation expense | 245 | 570 | 1,378 |
Provision for doubtful accounts | 25 | 125 | 11 |
(Gain) loss on disposal of property | -95 | 28 | -994 |
Gain on life insurance | -536 | -529 | -372 |
Loss on sale of investments | 45 | 0 | 0 |
Other | 0 | 0 | 90 |
Increase in cash surrender value of life insurance policies | -1,030 | -732 | -969 |
Change in assets and liabilities: | |||
Inventories | -24,267 | -17,316 | -23,792 |
Receivables, prepaid and other assets | -8,908 | -2,085 | 101 |
Income taxes and unrecognized tax benefits | -194 | 7 | -2,127 |
Accounts payable and accrued expenses | 8,939 | 7,627 | -1,551 |
Postretirement and deferred compensation benefits | -4,322 | -4,030 | -3,741 |
Net cash provided by (used in) operating activities | 10,238 | 115 | -10,119 |
Investing activities: | |||
Proceeds from the sale of investments | 7,300 | 1,050 | 7,150 |
Proceeds from life insurance | 1,004 | 1,652 | 659 |
Purchases of property and equipment | -4,422 | -2,213 | -2,109 |
Proceeds from the sale of property | 734 | 17 | 4,143 |
Cash paid for acquisition, net of cash acquired | 0 | 0 | -4,694 |
Payments of COLI borrowings | -1,371 | 0 | 0 |
Other | 822 | -624 | -914 |
Net cash provided by (used in) investing activities | 4,067 | -118 | 4,235 |
Financing activities: | |||
Payments for purchases of common stock | -12,718 | -6,604 | -89 |
Proceeds from exercise of stock options | 75 | 0 | 83 |
Other | -68 | -17 | 506 |
Net cash (used in) provided by financing activities | -12,711 | -6,621 | 500 |
Net increase (decrease) in cash and cash equivalents | 1,594 | -6,624 | -5,384 |
Cash and cash equivalents at beginning of period | 62,683 | 69,307 | 74,691 |
Cash and cash equivalents at end of period | 64,277 | 62,683 | 69,307 |
Supplemental cash flow disclosure: | |||
Income taxes paid (refunded), net | $11,500 | ($134) | $1,703 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Aug. 31, 2013 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Nature of Operations | ||
Winnebago Industries, Inc., founded in 1958 and headquartered in Forest City, Iowa, is one of the leading United States manufacturers of recreation vehicles. We sell motorhomes through independent dealers, primarily throughout the United States and Canada, under the Winnebago, Itasca and Winnebago Touring Coach brand names. We also sell travel trailer and fifth wheel towable products primarily throughout the United States and Canada under the SunnyBrook and Winnebago brand names. Other products manufactured by us consist primarily of original equipment manufacturing parts, including extruded aluminum and other component products for other manufacturers and commercial vehicles. | ||
Principles of Consolidation | ||
The consolidated financial statements for Fiscal 2013 include the parent company and our wholly-owned subsidiary, Winnebago of Indiana, LLC. See Note 2. All material intercompany balances and transactions with our subsidiary have been eliminated. | ||
Fiscal Period | ||
We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2013 is a 53-week fiscal year; the first quarter ending December 1, 2012 was a 14-week quarter. Fiscal 2012 and Fiscal 2011 were 52-week periods. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist primarily of highly liquid investments with an original maturity of three months or less. The carrying amount approximates fair value due to the short maturity of the investments. | ||
Fair Value Disclosures of Financial Instruments | ||
All financial instruments are carried at amounts believed to approximate fair value. | ||
Derivative Instruments and Hedging Activities | ||
All contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. Our policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. | ||
Allowance for Doubtful Accounts | ||
The allowance for doubtful accounts is based on historical loss experience and any specific customer collection issues identified. Additional amounts are provided through charges to income as we believe necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are written off and recoveries of amounts previously written off are credited to the allowance upon recovery. | ||
Inventories | ||
Substantially, all inventories are stated at the lower of cost or market, determined on the LIFO basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. | ||
Property and Equipment | ||
Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: | ||
Asset Class | Asset Life | |
Buildings | 10-30 years | |
Machinery and equipment | 3-10 years | |
Transportation equipment | 4-6 years | |
We review our long-lived depreciable assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. We assess the potential impairment of long-lived assets in accordance with ASC 360 Property, Plant and Equipment. We assessed the fair value of certain properties which were idled and are listed for sale (see Note 6). We also reviewed all other long-lived depreciable assets for impairment, noting no impairment. | ||
Goodwill and Amortizable Intangible Assets | ||
Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in a business combination. Amortizable intangible assets consisted of dealer network, trademarks and non-compete agreements and were amortized using the straight-line method up to seven to ten years. Goodwill assets are reviewed for impairment by applying a fair-value based test on an annual basis, or more frequently if circumstances indicate a potential impairment. Amortizable intangible assets are also subject to impairment test annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. See discussion of changes in our intangible asset amortization in Note 7. | ||
Self-Insurance | ||
Generally, we self-insure for a portion of product liability claims and workers' compensation. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We determined the liability for product liability and workers' compensation claims with the assistance of a third party administrator and actuary using various state statutes and historical claims experience. We have an SIR for product liability which varies annually based on market conditions and for at least the last five fiscal years was at $2.5 million per occurrence and $6.0 million in aggregate per policy year. In the event that the annual aggregate of the SIR is exhausted by payment of claims and defense expenses, an SIR of $1.0 million, excluding defense expenses, is applicable to each claim covered under this policy. We maintain excess liability insurance with outside insurance carriers to minimize our risks related to catastrophic claims in excess of our self-insured positions for product liability and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on our operating results. Our product liability and workers' compensation accrual is included within accrued self-insurance on our balance sheet. | ||
Income Taxes | ||
We account for income taxes in accordance with ASC 740, Income Taxes. As part of the process of preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our balance sheet. We then assess the likelihood that our deferred tax assets will be realized based on future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we include an expense or a benefit within the tax provision in our Statements of Operations. | ||
Legal | ||
Our accounting policy regarding litigation expense is to accrue for probable exposure including estimated defense costs if we are able to estimate the financial impact. | ||
Revenue Recognition | ||
Generally, revenues for our recreation vehicles are recorded when the following conditions are met: an order for a product has been received from a dealer, written or verbal approval for payment has been received from the dealer's floorplan financing institution, and the title has transfered to the dealer who placed the order. Most sales are financed by our dealers under floorplan financing arrangements with banks or finance companies. | ||
Revenues of our OEM components and recreation vehicle related parts are recorded as the products are shipped from our location. The title of ownership transfers on these products as they leave our location due to the freight terms of F.O.B. - Shipper. | ||
Concentration of Risk | ||
One of our dealer organizations accounted for 26.5%, 25.5%, and 18% of our consolidated net revenue in Fiscal 2013, 2012 and 2011, respectively. In Fiscal 2013 they sold our products in 68 of their dealership locations across 26 US states. A second dealer organization accounted for 12.3% of our net revenue for Fiscal 2013, as they sold products in 11 of their dealership locations across 3 US states. The loss of either or both of these dealer organizations could have a significant adverse effect on our business. In addition, deterioration in the liquidity or creditworthiness of either or both of these dealers could negatively impact our sales and could trigger repurchase obligations under our repurchase agreements. | ||
Sales Promotions and Incentives | ||
We accrue for sales promotions and incentive expenses, which are recognized as a reduction to revenues, at the time of sale to the dealer or when the sales incentive is offered to the dealer or retail customer. Examples of sales promotions and incentive programs include dealer and consumer rebates, volume discounts, retail financing programs and dealer sales associate incentives. Sales promotion and incentive expenses are estimated based upon then current program parameters, such as unit or retail volume and historical rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the retail customer usage rate varies from historical trends. Historically, sales promotion and incentive accruals have been within our expectations and differences have not been material. | ||
Repurchase Commitments | ||
It is customary practice for manufacturers in the recreation vehicle industry to enter into repurchase agreements with financing institutions that provide financing to their dealers. Our repurchase agreements generally provide that, in the event of a default by a dealer in its obligation to these lenders, we will repurchase vehicles sold to the dealer that have not been resold to retail customers. The terms of these agreements, which can last up to 18 months, provide that our liability will be the lesser of remaining principal owed by the dealer or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. | ||
Based on these repurchase agreements, we establish an associated loss reserve which is disclosed separately as "Accrued loss of repurchases" in the consolidated balance sheets. Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. See Note 11. | ||
Shipping Revenues and Expenses | ||
Shipping revenues for products shipped are included within net sales, while shipping expenses are included within cost of goods sold. | ||
Reporting Segment | ||
We have two operating segments, motorhomes and Towables, which aggregate into one reportable segment, the recreation vehicle market. We design, develop, manufacture and market motorized and towable recreation products along with supporting products and services. The Chief Executive Officer has been identified as the Chief Operating Decision Maker as defined by ASC No. 280, Disclosures about Segments Reporting. | ||
Research and Development | ||
Research and development expenditures are included within cost of goods sold and are expensed as incurred. A portion of these expenditures qualify for state and federal tax benefits. Development activities generally relate to creating new products and improving or creating variations of existing products to meet new applications. During Fiscal 2013, 2012 and 2011, we spent approximately $3.8 million, $3.4 million and $3.2 million, respectively, on research and development activities. | ||
Advertising | ||
Advertising costs, which consist primarily of literature and trade shows, were $4.7 million, $4.3 million, and $3.4 million in Fiscal 2013, 2012 and 2011, respectively. Advertising costs are included in selling expense and are expensed as incurred with the exception of trade shows which are expensed in the period in which the show occurs. | ||
Earnings Per Common Share | ||
Basic income per common share is computed by dividing net income by the weighted average common shares outstanding during the period. | ||
Diluted income per common share is computed by dividing net income by the weighted average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock awards and options (see Note 16). | ||
Reclassifications | ||
Certain amounts reported in prior years in deferred tax assets have been reclassified to conform to the current year footnote presentation. The reclassifications had no impact on total deferred tax assets (see Note 12). | ||
Subsequent Events | ||
We evaluated events occurring between the end of our most recent fiscal year and the date the financial statements were issued. There were no material subsequent events, except those described in Note 4 and Note 14. | ||
New Accounting Pronouncements | ||
On June 16, 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, which revised the manner in which entities present comprehensive income in their financial statements. ASU 2011-05 became effective for fiscal years beginning after December 15, 2011 (our Fiscal 2013). We adopted this guidance in Fiscal 2013. This guidance resulted in no significant impact on our consolidated financial statements. | ||
In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, which simplified the manner in which entities test goodwill for impairment. After assessment of certain qualitative factors, if it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying amount, entities must perform a quantitative analysis of the goodwill impairment test. Otherwise, the quantitative test becomes optional. ASU 2011-08 is effective for fiscal years beginning after December 15, 2011 (our Fiscal 2013). The adoption of this guidance had no significant impact on our consolidated financial statements. | ||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income, which improves the reporting of reclassification out of AOCI. An entity is required to present, either on the face of the net income statement or in the notes, the changes in accumulated balances for each component of AOCI, as well as significant amounts reclassified out of AOCI by the respective line items. ASU 2013-02 is effective for fiscal years beginning after December 15, 2012 (our Fiscal 2014). We adopted this guidance in Fiscal 2013. This guidance resulted in no significant impact on our consolidated financial statements. | ||
In July 2013, the FASB updated ASU 2013-11, Income Taxes (Topic 740), which requires entities to present unrecognized tax benefits as a liability and not combine it with deferred tax assets to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date. ASU 2011-13 will become effective for fiscal years beginning after December 15, 2013 (our Fiscal 2015). We are currently evaluating the impact on our consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended | |||
Aug. 31, 2013 | ||||
Business Combinations [Abstract] | ||||
Acquisition | Acquisition | |||
On December 29, 2010 we purchased, through Towables, substantially all of the assets of SunnyBrook, a manufacturer of travel trailer and fifth wheel RVs. The aggregate consideration paid was $4.7 million in cash, net of cash acquired, including the repayment of $3.3 million of SunnyBrook commercial and shareholder debt on the closing date. The assets acquired include inventory, equipment and other tangible and intangible property and are being used in connection with the operation of manufacturing towable recreation vehicles. Also on December 29, 2010, we entered into a five-year operating lease agreement for the SunnyBrook facilities. See Note 19. The operations of Towables are included in our consolidated operating results from the date of its acquisition. Towables has continued to manufacture products under the SunnyBrook brands. In addition, in the first quarter of Fiscal 2012, Towables began diversifying its product line by including Winnebago brand trailer and fifth wheel products. The primary reason for the acquisition was diversification outside of the motorized market while utilizing the Winnebago brand strength in the towable market allowing for the potential of revenue and earnings growth. | ||||
The following table summarizes the approximate fair value of the net assets acquired at the date of the closing: | ||||
(In thousands) | 29-Dec-10 | |||
Current assets | $ | 5,773 | ||
Property, plant and equipment | 337 | |||
Goodwill | 1,228 | |||
Dealer network | 535 | |||
Trademarks | 196 | |||
Non-compete agreement | 40 | |||
Current liabilities | (2,513 | ) | ||
Total fair value of net assets acquired | 5,596 | |||
Less cash acquired | (902 | ) | ||
Total cash paid for acquisition less cash acquired | $ | 4,694 | ||
At December 29, 2010, the amortizable intangible assets had a weighted average useful life of 9.8 years. The dealer network was valued based on the Discounted Cash Flow Method and had been amortized on a straight line basis over 10 years. The trademarks were valued based on the Relief from Royalty Method and had been amortized on a straight line basis over 10 years. The non-compete agreement had been amortized on a straight line basis over 7 years. See Note 7. Goodwill is not subject to amortization and is tax deductible. Pro forma financial information has not been presented due to its insignificance. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: | |||||||||||||||||
Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. | |||||||||||||||||
Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: | |||||||||||||||||
• | Quoted prices for similar assets or liabilities in active markets; | ||||||||||||||||
• | Quoted prices for identical or similar assets in nonactive markets; | ||||||||||||||||
• | Inputs other than quoted prices that are observable for the asset or liability; and | ||||||||||||||||
• | Inputs that are derived principally from or corroborated by other observable market data. | ||||||||||||||||
Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | |||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis. We account for fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets that were accounted for at fair value on a recurring basis at August 31, 2013 and August 25, 2012 according to the valuation techniques we used to determine their fair values: | |||||||||||||||||
Fair Value at August 31, 2013 | Fair Value Measurements | ||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 2,108 | $ | — | $ | — | $ | 2,108 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,127 | 7,127 | — | — | |||||||||||||
International equity funds | 742 | 742 | — | — | |||||||||||||
Fixed income funds | 287 | 287 | — | — | |||||||||||||
Total assets at fair value | $ | 10,264 | $ | 8,156 | $ | — | $ | 2,108 | |||||||||
Fair Value at August 25, 2012 | Fair Value Measurements | ||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 9,074 | $ | — | $ | — | $ | 9,074 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,924 | 7,924 | — | — | |||||||||||||
International equity funds | 957 | 957 | — | — | |||||||||||||
Fixed income funds | 487 | 487 | — | — | |||||||||||||
Total assets at fair value | $ | 18,442 | $ | 9,368 | $ | — | $ | 9,074 | |||||||||
The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): | |||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | |||||||||||||||
Balance at beginning of year | $ | 9,074 | $ | 10,627 | |||||||||||||
Net realized loss included in non-operating income | (45 | ) | — | ||||||||||||||
Net change included in other comprehensive income | 379 | (503 | ) | ||||||||||||||
Sales | (7,300 | ) | (1,050 | ) | |||||||||||||
Balance at the end of year | $ | 2,108 | $ | 9,074 | |||||||||||||
The following table presents quantitative information regarding unobservable inputs that were significant to the valuation of assets measured at fair value on a recurring basis at August 31, 2013 using Level 3 inputs: | |||||||||||||||||
Range | |||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input | Low | High | ||||||||||||
Student loan ARS | $ | 2,108 | Discounted Cash Flow | Projected ARS Yield | 1.89 | % | 1.89 | % | |||||||||
Discount for lack of marketability | 2.94 | % | 4.25 | % | |||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||
Long-term investments. Our long-term investments are comprised of our ARS as described in Note 4. Our ARS investments are classified as Level 3, as quoted prices were unavailable due to events described in Note 4. Due to limited market information, we utilized a DCF model to derive an estimate of fair value for the ARS at August 31, 2013. The assumptions used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. | |||||||||||||||||
Assets that fund deferred compensation. Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. They are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. These securities fund the Executive Share Option Plan (see Note 10), a deferred compensation program. The Executive Plan assets related to those options that will expire within a year are included in prepaid expenses and other assets in the accompanying balance sheets. The remaining assets are included in other assets. | |||||||||||||||||
Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis. Our non-financial assets, which include goodwill, intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, we must evaluate the non-financial asset for impairment. If an impairment did occur, the asset is required to be recorded at the estimated fair value. |
Investments
Investments | 12 Months Ended |
Aug. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments |
We own investments in marketable securities that have been designated as "available for sale" in accordance with ASC 320, Investments - Debt and Equity Securities. Available for sale securities are carried at fair value with the unrealized gains and losses reported in "Accumulated Other Comprehensive Income," a component of stockholders' equity. | |
At August 31, 2013, we held $2.4 million (par value) of tax-exempt ARS, which are variable-rate debt securities and have a long-term maturity with the interest rate being reset through Dutch auctions that are typically held every 7, 28 or 35 days. Prior to February 2008, these securities traded at par and are callable at par at the option of the issuer. Interest is typically paid at the end of each auction period or semiannually. The ARS we hold is rated AAA by Standard & Poor's Ratings Services and Fitch Ratings, and are collateralized by student loans guaranteed by the US Government under the Federal Family Education Loan Program. | |
Since February 2008, most ARS auctions have failed and there is no assurance that future auctions for our ARS will succeed and, as a result, our ability to liquidate our investment and fully recover the par value in the near term may be limited or nonexistent. We have no reason to believe that the underlying issuer of our ARS is presently at risk of default. We have continued to receive interest payments on the ARS in accordance with their terms. We believe we will ultimately be able to liquidate our ARS related investment without significant loss primarily due to the collateral securing the ARS, but also due to the partial redemptions we have received over the last four fiscal years at par value. However, redemption could take until final maturity of the ARS (up to 25 years) to realize the par value of our investments. Due to the changes and uncertainty in the ARS market, we believe the recovery period for this investments is likely to be longer than 12 months and as a result, we have classified this investments as long-term as of August 31, 2013. | |
At August 31, 2013, there was insufficient observable ARS market information available to determine the fair value of our ARS investment. Therefore, we estimated fair value by incorporating assumptions that market participants would use in their estimates of fair value. Some of these assumptions included credit quality, final stated maturities, estimates on the probability of the issue being called prior to final maturity, impact due to extended periods of maximum auction rates and broker quotes from independent evaluators. Based on this analysis, we recorded an unrealized temporary impairment of $242,000 in accumulated other comprehensive income before tax considerations related to our long-term ARS investments of $2.4 million (par value) at August 31, 2013. | |
On October 16, 2013, our remaining ARS holding of $2.4 million was called at par for a full redemption. |
Inventories
Inventories | 12 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories consist of the following: | ||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||
Finished goods | $ | 43,927 | $ | 30,054 | ||||
Work-in-process | 46,257 | 45,240 | ||||||
Raw materials | 52,201 | 42,824 | ||||||
Total | 142,385 | 118,118 | ||||||
LIFO reserve | (29,844 | ) | (31,024 | ) | ||||
Total inventories | $ | 112,541 | $ | 87,094 | ||||
The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Of the $142.4 million inventory at August 31, 2013, $136.1 million is valued on a LIFO basis and the Towables inventory of $6.3 million is valued on a FIFO basis. Of the $118.1 million inventory at August 25, 2012, $110.1 million is valued on a LIFO basis and the Towables inventory of $8.0 million is valued on a FIFO basis. | ||||||||
Based on decreases in inflation partially offset by an increase in inventories during Fiscal 2013, we recorded a reduction to LIFO reserves of $1.2 million. |
Property_Plant_and_Equipment_a
Property, Plant and Equipment and Assets Held for Sale | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment and Assets Held for Sale | Property, Plant and Equipment and Assets Held for Sale | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: | |||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | |||||||
Land | $ | 757 | $ | 757 | |||||
Buildings and building improvements | 50,297 | 49,641 | |||||||
Machinery and equipment | 91,224 | 90,775 | |||||||
Transportation | 9,044 | 8,858 | |||||||
Total property, plant and equipment, gross | 151,322 | 150,031 | |||||||
Less accumulated depreciation | (131,056 | ) | (130,053 | ) | |||||
Total property, plant and equipment, net | $ | 20,266 | $ | 19,978 | |||||
Assets Held for Sale | |||||||||
We recorded an impairment of $855,000 for the Hampton facility in the fourth quarter of Fiscal 2009 when the decision to close the facility was made. Additional impairment of $605,000 was recorded during the third quarter of Fiscal 2011 as a result of deteriorating real estate market conditions and and an additional impairment of $50,000 was recorded during the fourth quarter of Fiscal 2012 based upon the sale of the asset that occurred shortly after Fiscal 2012. On August 30, 2012 (our Fiscal 2013), the facility was sold in an arm's-length transaction to New South Central Properties, LLC. The sale generated $550,000 in gross proceeds, selling costs of $28,000 and a loss of $28,000. | |||||||||
At August 31, 2013, we had no assets held for sale. |
Goodwill_and_Amortizable_Intan
Goodwill and Amortizable Intangible Assets | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Amortizable Intangible Assets | Goodwill and Amortizable Intangible Assets | |||||||||||||||
Goodwill and intangible assets are the result of the acquisition of SunnyBrook during the second quarter of Fiscal 2011, as more fully described in Note 2. Goodwill of $1.2 million is not subject to amortization for financial statement purposes, but is amortizable for tax return purposes. During the course of our annual evaluation of goodwill, we have determined that the fair value substantially exceeds the carrying value. Amortizable intangible assets are amortized on a straight-line basis. During the course of our annual review of intangible assets, we identified a decrease in the estimated useful lives of our intangible assets related to the SunnyBrook acquisition. In order to reflect the updated estimated useful lives, the intangible assets have been fully amortized as of August 31, 2013. | ||||||||||||||||
Amortizable intangible assets consist of the following: | ||||||||||||||||
August 31, 2013 | August 25, 2012 | |||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Dealer network | $ | 534 | $ | 534 | $ | 534 | $ | 88 | ||||||||
Trademarks | 196 | 196 | 196 | 32 | ||||||||||||
Non-compete agreement | 40 | 40 | 40 | 10 | ||||||||||||
Total | $ | 770 | $ | 770 | $ | 770 | $ | 130 | ||||||||
Amortization expense was $640,000, $79,000 and $51,000 for Fiscal 2013, Fiscal 2012, and Fiscal 2011, respectively. |
Credit_Facility
Credit Facility | 12 Months Ended |
Aug. 31, 2013 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facilities |
On October 31, 2012, we entered into a Credit Agreement with GECC. The Credit Agreement provides for an initial $35.0 million revolving credit facility, based on our eligible inventory and will expire on October 31, 2015, unless terminated earlier in accordance with its terms. There is no termination fee associated with the agreement. | |
The Credit Agreement contains no financial covenant restrictions for borrowings where we have excess borrowing availability under the facility of greater than $5.0 million. The Credit Agreement requires us to comply with a fixed charge ratio if excess borrowing availability under the facility is less than $5.0 million or if we repurchase more than $25.0 million of company stock within the first twelve months of the date of the Credit Agreement. In addition the Credit Agreement also includes a framework to expand the size of the facility up to $50.0 million, based on mutually agreeable terms at the time of the expansion. Interest on loans made under the new credit facility will be based on LIBOR plus a margin of 3.0%. The initial unused line fee associated with the Credit Agreement is 0.50% per annum and has the ability to be lowered based upon facility usage. | |
The Credit Agreement contains typical affirmative representations and covenants for a credit agreement of this size and nature. Additionally, the Credit Agreement contains negative covenants limiting our ability, among other things, to incur debt, grant liens, make acquisitions, make certain investments, pay certain dividends and distributions, engage in mergers, consolidations or acquisitions and sell certain assets. Obligations under the Credit Agreement are secured by a security interest in all of our accounts and other receivables, chattel paper, documents, deposit accounts, instruments, equipment, inventory, investment property, leasehold interest, cash and cash equivalents, letter-of-credit rights, most real property and fixtures and certain other business assets. | |
As of the date of this report, we are in compliance with all terms of the Credit Agreement, and no borrowings have been made thereunder. |
Warranty
Warranty | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||
Warranty | Warranty | |||||||||||
We provide our motorhome customers a comprehensive 12-month/15,000-mile warranty on our Class A, B and C motorhomes, and a 3-year/36,000-mile structural warranty on Class A and C sidewalls and floors. We provide a comprehensive 12-month warranty on all towable products. We have also incurred costs for certain warranty-type expenses which occurred after the normal warranty period. We have voluntarily agreed to pay such costs to help protect the reputation of our products and the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon past warranty claims and unit sales history and adjusted as required to reflect actual costs incurred, as information becomes available. A significant increase in dealership labor rates, the cost of parts or the frequency of claims could have a material adverse impact on our operating results for the period or periods in which such claims or additional costs materialize. | ||||||||||||
Changes in our product warranty liability during Fiscal 2013, Fiscal 2012 and Fiscal 2011 are as follows: | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Balance at beginning of year | $ | 6,990 | $ | 7,335 | $ | 7,634 | ||||||
Provision | 9,075 | 5,756 | 5,566 | |||||||||
Claims paid | (7,622 | ) | (6,101 | ) | (5,865 | ) | ||||||
Balance at end of year | $ | 8,443 | $ | 6,990 | $ | 7,335 | ||||||
Employee_and_Retiree_Benefits
Employee and Retiree Benefits | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Employee and Retiree Benefits | Employee and Retiree Benefits | |||||||||||
Postretirement health care and deferred compensation benefits are as follows: | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Postretirement health care benefit cost | $ | 36,244 | $ | 45,132 | ||||||||
Non-qualified deferred compensation | 22,366 | 23,630 | ||||||||||
Executive share option plan liability | 6,959 | 7,798 | ||||||||||
SERP benefit liability | 2,876 | 3,342 | ||||||||||
Executive deferred compensation | 105 | 102 | ||||||||||
Officer stock-based compensation | 543 | — | ||||||||||
Total postretirement health care and deferred compensation benefits | 69,093 | 80,004 | ||||||||||
Less current portion | (5,019 | ) | (4,869 | ) | ||||||||
Long-term postretirement health care and deferred compensation benefits | $ | 64,074 | $ | 75,135 | ||||||||
Postretirement Health Care Benefits | ||||||||||||
We provide certain health care and other benefits for retired employees hired before April 1, 2001, who have fulfilled eligibility requirements at age 55 with 15 years of continuous service. We use a September 1 measurement date for this plan and our postretirement health care plan currently is not funded. In Fiscal 2005, we established dollar caps on the amount that we will pay for postretirement health care benefits per retiree on an annual basis so that we were not exposed to continued medical inflation. Retirees are required to pay a monthly premium in excess of the employer dollar caps for medical coverage based on years of service and age at retirement. In January 2012 and January 2013 the employer established dollar caps were reduced by 10% in each year through plan amendments which reduced our liability for postretirement health care by $4.6 million and $4.3 million, respectively, as presented in the table below. | ||||||||||||
The discount rate used in determining the accumulated postretirement benefit obligation was 4.6% at August 31, 2013 and 3.6% at August 25, 2012. In Fiscal 2013, the increase in the discount rate resulted in a decrease to the benefit obligation of $5.6 million, presented as an actuarial gain in the following table. Assumed health care cost trend rates do not have a significant effect in determining the accumulated postretirement benefit obligation due to employer caps established. | ||||||||||||
Changes in our postretirement health care liability are as follows: | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Balance at beginning of year | $ | 45,132 | $ | 41,370 | ||||||||
Interest cost | 1,508 | 1,849 | ||||||||||
Service cost | 574 | 539 | ||||||||||
Net benefits paid | (1,109 | ) | (1,213 | ) | ||||||||
Actuarial (gain) loss | (5,572 | ) | 7,185 | |||||||||
Plan amendment | (4,289 | ) | (4,598 | ) | ||||||||
Balance at end of year | $ | 36,244 | $ | 45,132 | ||||||||
Net periodic postretirement benefit income for the past three fiscal years consisted of the following components: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Interest cost | $ | 1,508 | $ | 1,849 | $ | 1,905 | ||||||
Service cost | 574 | 539 | 608 | |||||||||
Amortization of prior service benefit | (5,170 | ) | (4,592 | ) | (4,199 | ) | ||||||
Amortization of net actuarial loss | 1,603 | 1,029 | 1,095 | |||||||||
Net periodic postretirement benefit income | $ | (1,485 | ) | $ | (1,175 | ) | $ | (591 | ) | |||
For accounting purposes, we recognized net periodic postretirement income as presented in the table above, due to the amortization of prior service benefit associated with the establishment of caps on the employer portion of benefits in Fiscal 2005 and the 10% cap reductions in both Fiscal 2013 and Fiscal 2012. | ||||||||||||
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (before taxes) are as follows: | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Prior service credit | $ | (16,926 | ) | $ | (17,808 | ) | ||||||
Net actuarial loss | 14,899 | 22,075 | ||||||||||
Accumulated other comprehensive (loss) income | $ | (2,027 | ) | $ | 4,267 | |||||||
The estimated amounts that will be will be amortized from accumulated other comprehensive income to net periodic benefit cost in Fiscal 2014 include a prior service credit of $5.3 million and an actuarial net loss of $1.1 million. | ||||||||||||
Expected future benefit payments for postretirement health care for the next ten years are as follows: | ||||||||||||
(In thousands) | Amount | |||||||||||
Year: | 2014 | $ | 1,202 | |||||||||
2015 | 1,402 | |||||||||||
2016 | 1,573 | |||||||||||
2017 | 1,735 | |||||||||||
2018 | 1,893 | |||||||||||
2019-2023 | 11,383 | |||||||||||
Total | $ | 19,188 | ||||||||||
The expected future benefit payments have been estimated based on the same assumptions used to measure our benefit obligation as of August 31, 2013 and include benefits attached to estimated current employees' future services. | ||||||||||||
Deferred Compensation Benefits | ||||||||||||
Non-Qualified Deferred Compensation Program (1981) | ||||||||||||
We have a Non-Qualified Deferred Compensation Program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $1.5 million, $1.6 million and $1.8 million in Fiscal 2013, 2012 and 2011, respectively. Total deferred compensation liabilities were $22.4 million and $23.6 million at August 31, 2013 and August 25, 2012, respectively. | ||||||||||||
Supplemental Executive Retirement Plan (SERP) | ||||||||||||
The primary purpose of this plan was to provide our officers and managers with supplemental retirement income for a period of 15 years after retirement. We have not offered this plan on a continuing basis to members of management since 1998. The plan was funded with individual whole life insurance policies (Split Dollar Program) owned by the named insured officer or manager. We initially paid the life insurance premiums on the life of the individual and the individual would receive life insurance and supplemental cash payment during the 15 years following retirement. In October 2008, the plan was amended as a result of changes in the tax and accounting regulations and rising administrative costs. Under the redesigned SERP, the underlying life insurance policies previously owned by the insured individual became COLI by a release of all interests by the participant and assignment to us as a prerequisite to participation in the SERP and transition from the Split Dollar Program. Total SERP liabilities were $2.9 million and $3.3 million at August 31, 2013 and August 25, 2012, respectively. This program remains closed to new employee participation. | ||||||||||||
To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented as investment in life insurance in the accompanying balance sheets and consists of the following: | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Cash value | $ | 55,484 | $ | 53,948 | ||||||||
Borrowings | (30,433 | ) | (30,821 | ) | ||||||||
Investment in life insurance | $ | 25,051 | $ | 23,127 | ||||||||
Non-Qualified Share Option Program (2001) | ||||||||||||
The Non-Qualified Share Option Program permitted participants in the Executive Share Option Plan (the "Executive Plan") to choose to defer a portion of their salary or other eligible compensation in the form of options to purchase selected securities, primarily equity-based mutual funds. These assets are treated as trading securities and are recorded at fair value. The Executive Plan has been closed to any additional deferrals since January 2005. The Executive Plan assets related to those options that will expire within a year are included in prepaid expenses and other assets in the accompanying balance sheets. The remaining assets are included in other assets. Total assets on August 31, 2013 and August 25, 2012 were $8.2 million and $9.4 million, respectively, and the liabilities were $7.0 million and $7.8 million, respectively. The difference between the asset and liability balances represents the additional 25% we contributed at the time of the initial deferrals to aid in potential additional earnings to the participant. This contribution is required to be paid back to us when the option is exercised. A participant may exercise his or her options per the plan document, but there is a requirement that after these dollars have been invested for 15 years the participant is required to exercise such option. | ||||||||||||
Executive Deferred Compensation Plan (2007) | ||||||||||||
In December 2006, we adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other assets and the liabilities are presented as postretirement health care and deferred compensation benefits in the accompanying balance sheets. Such assets on August 31, 2013 and August 25, 2012 were $105,000 and $102,000, respectively, and liabilities were $105,000 and $102,000, respectively. | ||||||||||||
Profit Sharing Plan | ||||||||||||
We have a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides quarterly discretionary matching cash contributions as approved by our Board of Directors. Contributions to the plan for Fiscal 2013, 2012 and 2011 were $865,000, $676,000 and $676,000, respectively. |
Contingent_Liabilites_and_Comm
Contingent Liabilites and Commitments | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Contingent Liabilities and Commitments | Contingent Liabilities and Commitments | ||||||||||||
Repurchase Commitments | |||||||||||||
Generally, manufacturers in the RV industry enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers' RVs are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the recreation vehicles purchased. | |||||||||||||
Our repurchase agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 18 months, provide that our liability will be the lesser of remaining principal owed by the dealer or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our contingent liability on these repurchase agreements was approximately $232.9 million and $165.4 million at August 31, 2013 and August 25, 2012, respectively. | |||||||||||||
In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreation vehicles to repurchase current inventory if a dealership exits the business. Incremental repurchase exposure beyond existing repurchase agreements, related to dealer inventory in states that we have had historical experience of repurchasing inventory, totaled $8.0 million and $5.0 million at August 31, 2013 and August 25, 2012, respectively. | |||||||||||||
Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on the repurchase exposure as previously described, we established an associated loss reserve. Our accrued losses on repurchases were $1.3 million as of August 31, 2013 and $627,000 as of August 25, 2012. | |||||||||||||
A summary of the activity for the fiscal years stated for repurchased units is as follows: | |||||||||||||
(Dollars in thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||
Inventory repurchased: | |||||||||||||
Units | 20 | 18 | 25 | ||||||||||
Dollars | $ | 451 | $ | 1,264 | $ | 2,431 | |||||||
Inventory resold: | |||||||||||||
Units | 20 | 18 | 25 | ||||||||||
Cash collected | $ | 353 | $ | 1,113 | $ | 2,144 | |||||||
Loss recognized | $ | 98 | $ | 151 | $ | 287 | |||||||
Units in ending inventory | — | — | — | ||||||||||
Litigation | |||||||||||||
We are involved in various legal proceedings which are ordinary and routine litigation incidental to our business, some of which are covered in whole or in part by insurance. We believe while the final resolution of any such litigation may have an impact on our results for a particular reporting period, the ultimate disposition of such litigation will not have any material adverse effect on our financial position, results of operations or liquidity. | |||||||||||||
Lease Commitments | |||||||||||||
We have operating leases for certain land, buildings and equipment. Lease expense was $949,000 for Fiscal 2013 (see Note 19), $864,000 for Fiscal 2012 and $642,000 for Fiscal 2011. Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 31, 2013 are as follows: | |||||||||||||
(In thousands) | Amount | ||||||||||||
Year Ended: | 2014 | $ | 1,070 | ||||||||||
2015 | 705 | ||||||||||||
2016 | 257 | ||||||||||||
2017 | 34 | ||||||||||||
2018 | 8 | ||||||||||||
Total | $ | 2,074 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The components of the provision (benefit) for income taxes are as follows: | |||||||||||||
Year Ended | |||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | 10,958 | $ | 468 | $ | 588 | |||||||
State | (680 | ) | (584 | ) | (564 | ) | |||||||
Total current tax provision (benefit) | 10,278 | (116 | ) | 24 | |||||||||
Deferred | |||||||||||||
Federal | 1,666 | (33,218 | ) | 62 | |||||||||
State | 1,197 | (1,531 | ) | 8 | |||||||||
Total deferred tax provision (benefit) | 2,863 | (34,749 | ) | 70 | |||||||||
Total tax provision (benefit) | $ | 13,141 | $ | (34,865 | ) | $ | 94 | ||||||
Current Tax Provision (Benefit) | |||||||||||||
The amount of current federal tax provision noted in the table above for Fiscal 2013 and 2012 represents primarily the estimated federal tax payable for those fiscal years in addition to the tax effect of tax planning initiatives recorded during the year. | |||||||||||||
The lower value of FY2013 state payable in Fiscal 2013 and the state benefit recorded in Fiscal 2012 and Fiscal 2011 is primarily a result of tax planning initiatives recorded during those years. | |||||||||||||
Deferred Tax Provision (Benefit) | |||||||||||||
The deferred federal and state expense recorded during Fiscal 2013 is primarily a result of the utilization of deferred tax assets during the year. The deferred federal and state tax benefit recorded during Fiscal 2012 is associated with the reduction in valuation allowance on deferred tax assets as we determined that $39.0 million of our deferred tax assets were sustainable. | |||||||||||||
The following is a reconciliation of the US statutory income tax rate to our effective tax rate: | |||||||||||||
Year Ended | |||||||||||||
(A percentage) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||
US federal statutory rate | 35 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal benefit | 2.1 | % | 2.5 | % | 2.1 | % | |||||||
Tax-free and dividend income | (2.2 | )% | (9.7 | )% | (8.4 | )% | |||||||
Income tax credits | (1.7 | )% | (1.7 | )% | (4.6 | )% | |||||||
Domestic production activities deduction | (2.4 | )% | (1.1 | )% | (1.3 | )% | |||||||
Other permanent items | (0.8 | )% | 4.8 | % | (0.1 | )% | |||||||
Valuation allowance | 0.2 | % | (372.8 | )% | (16.8 | )% | |||||||
Uncertain tax positions settlements and adjustments | (1.1 | )% | (1.6 | )% | (4.1 | )% | |||||||
Amended state returns | — | % | 0.6 | % | — | % | |||||||
Effective tax provision (benefit) rate | 29.1 | % | (345.0 | )% | 0.8 | % | |||||||
Significant items comprising our net deferred tax assets are as follows: | |||||||||||||
August 31, 2013 | August 25, 2012 | ||||||||||||
(In thousands) | Total | Total | |||||||||||
Current | |||||||||||||
Warranty reserves | $ | 3,191 | $ | 2,759 | |||||||||
Self-insurance reserve | 1,704 | 1,556 | |||||||||||
Accrued vacation | 1,810 | 1,595 | |||||||||||
Inventory | (1,078 | ) | 186 | ||||||||||
Deferred compensation | 1,118 | 1,215 | |||||||||||
Miscellaneous reserves | 997 | 1,142 | |||||||||||
Total current | 7,742 | 8,453 | |||||||||||
Noncurrent | |||||||||||||
Postretirement health care benefits | 13,186 | 16,508 | |||||||||||
Deferred compensation | 10,678 | 12,416 | |||||||||||
Tax credits and NOL carryforwards | 2,070 | -1 | 2,750 | ||||||||||
Unrecognized tax benefit | 1,206 | 1,416 | |||||||||||
Depreciation | (917 | ) | (2,037 | ) | |||||||||
Other | 1,068 | 1,036 | |||||||||||
Total noncurrent | 27,291 | 32,089 | |||||||||||
Total gross deferred tax assets | 35,033 | 40,542 | |||||||||||
Valuation allowance | (1,642 | ) | (1,569 | ) | |||||||||
Total deferred tax assets | $ | 33,391 | $ | 38,973 | |||||||||
-1 | At August 31, 2013, tax credits and NOL carryforwards included $1.4 million of unused tax credits, which will expire in Fiscal 2014, and $676,000 of state NOLs that will begin to expire in Fiscal 2018 if not otherwise used by us. A valuation allowance of $1.6 million has been maintained for these assets as it is unlikely that the $1.4 million of tax credits will be utilized before they expire and $249,000 of state NOLs are currently not available to be utilized due to a suspension put in place by that state. | ||||||||||||
Unrecognized Tax Benefits | |||||||||||||
Changes in the unrecognized tax benefits are as follows: | |||||||||||||
(In thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||
Unrecognized tax benefits - beginning balance | $ | (5,228 | ) | $ | (5,387 | ) | $ | (5,877 | ) | ||||
Gross decreases - tax positions in a prior period | 3,101 | 599 | 490 | ||||||||||
Gross increases - current period tax positions | (7 | ) | (440 | ) | — | ||||||||
Unrecognized tax benefits - ending balance | $ | (2,134 | ) | $ | (5,228 | ) | $ | (5,387 | ) | ||||
Approximately $1.9 million of the gross decreases for Fiscal 2013 includes the removal of the interest and penalties from the overall disclosed reserve balance of unrecognized tax benefits. The remaining reductions are as a result of changes in balance of positions that meet the more-likely-than-not threshold. | |||||||||||||
If the remaining uncertain positions are ultimately favorably resolved, $2.8 million of unrecognized benefits could have a positive impact on our effective tax rate, as we have recorded deferred tax assets associated with these positions. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits into tax expense. The Company reduced its accrual for interest by $235,000 and penalties by $92,000 during Fiscal 2013. In total, as of August 31, 2013 the Company has recognized a liability for penalties of $542,000 and interest of $1.3 million. Approximately $2.2 million and $2.4 million of interest and penalties are included in the unrecognized tax benefits ending balance for Fiscal 2012 and Fiscal 2011. | |||||||||||||
We file tax returns in the US federal jurisdiction, as well as various international and state jurisdictions. Our federal income tax return for Fiscal 2011, was under examination by the IRS during Fiscal 2013. This examination was concluded during the fourth quarter of Fiscal 2013 with minor changes being recommended by the IRS, resulting in nominal tax benefit. Although certain years are no longer subject to examinations by the IRS and various state taxing authorities, NOL carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities if they either have been or will be used in a future period. A number of years may elapse before an uncertain tax position is audited and finally resolved, and it is often very difficult to predict the outcome of such audits. Periodically, various state and local jurisdictions conduct audits, therefore, a variety of years are subject to state and local jurisdiction review. | |||||||||||||
We do not believe within the next twelve months there will be a significant change in the total amount of unrecognized tax benefits as of August 31, 2013. |
NonOperating_Income_and_Expens
Non-Operating Income and Expense | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Non-Operating Income and Expense | Non-Operating Income and Expense | |||||||||||
Non-operating income consists of: | ||||||||||||
Year Ended | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
COLI appreciation | $ | 2,616 | $ | 2,788 | $ | 3,045 | ||||||
COLI death benefits | 537 | 528 | 372 | |||||||||
COLI premiums | (487 | ) | (514 | ) | (564 | ) | ||||||
COLI interest expense | (1,640 | ) | (1,795 | ) | (1,821 | ) | ||||||
Total COLI | 1,026 | 1,007 | 1,032 | |||||||||
Total line of credit expense | (339 | ) | (571 | ) | (564 | ) | ||||||
Loss on sale of investment | (45 | ) | — | — | ||||||||
Interest income | 65 | 143 | 194 | |||||||||
(Loss) gain on foreign currency transactions | (11 | ) | 2 | (4 | ) | |||||||
Total non-operating income | $ | 696 | $ | 581 | $ | 658 | ||||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans | ||||||||||||||||||||||||
We have a 2004 Incentive Compensation Plan approved by shareholders (as amended, the "Plan") in place which allows us to grant or issue non-qualified stock options, incentive stock options, share awards and other equity compensation to key employees and to non-employee directors. No more than 4.0 million shares of common stock may be issued under the Plan and no more than 2.0 million of those shares may be used for awards other than stock options or stock appreciation rights. Shares subject to awards that are forfeited, terminated, expire unexercised, settled in cash, exchanged for other awards, tendered to satisfy the purchase price of an award, withheld to satisfy tax obligations or otherwise lapse again become available for awards. | |||||||||||||||||||||||||
Stock Options and Share Awards | |||||||||||||||||||||||||
With respect to stock options, the Plan replaced the 1997 Stock Option Plan. Any stock options previously granted under the 1997 Stock Option Plan continue to be exercisable in accordance with their original terms and conditions. | |||||||||||||||||||||||||
The term of any options granted under the Plan may not exceed ten years from the date of the grant. Stock options are granted at the closing market price on the date of grant. Options issued to key employees generally vest over a three-year period in equal annual installments, beginning one year after the date of grant, with immediate vesting upon retirement or upon a change of control (as defined in the Plan), if earlier. Historically, options issued to directors vested six months after grant. Share awards vest based either upon continued employment, beginning one year after the date of grant, with immediate vesting upon retirement or upon a change of control (collectively, "time-based") or upon attainment of established goals. Share awards that are not time-based typically vest at the end of a one year or three-year incentive period based upon the achievement of company goals ("performance-based"). The value of time-based restricted share awards is based on the number of shares granted and the closing price of our common stock on the date of grant. The value of performance-based restricted share awards is based upon the terms of the plan and an assessment of the probability of reaching the established performance targets. Historically, the terms of these plans linked the incentive payment to a percentage of base salary compensation and if the established goals are met, shares of the appropriate value are then granted. | |||||||||||||||||||||||||
Prior to Fiscal 2007, stock-based compensation generally consisted only of stock options. In Fiscal 2007 and Fiscal 2008, we granted restricted time-based share awards to key employees and directors instead of stock options. No stock options or restricted share awards were granted in Fiscal 2010. In Fiscal 2011, Fiscal 2012, and Fiscal 2013 we granted restricted time-based stock awards to key employees and directors. In Fiscal 2012 the Board of Directors granted 50,000 shares of restricted common stock to Robert J. Olson, retiring Executive Chairman of the Board, in recognition of his contributions to the Company during his 43 years of service. | |||||||||||||||||||||||||
Annual Incentive Plans | |||||||||||||||||||||||||
For Fiscal 2011, Fiscal 2012 and Fiscal 2013, the Human Resources Committee of our Board of Directors established annual incentive plans for the officers that were to be paid in 2/3 cash and 1/3 restricted stock (stock must be held for one year from date of grant). Certain financial performance metrics had to be met to achieve payment under these plans; these metrics (diluted EPS and ROIC) were not met for Fiscal 2011. Certain financial performance metrics (pre-tax income and ROIC) were achieved for Fiscal 2012 under the annual incentive plan thus $459,000 of compensation expense was accrued under this plan at the end of Fiscal 2012 of which $120,000 was stock-based. On October 9, 2012, the Human Resources Committee of the Board of Directors approved the award of 9,606 restricted shares to the officers under the annual incentive plan. Of the shares granted, we repurchased 2,408 shares from employees who elected to pay their payroll tax via delivery of common stock as opposed to cash. Certain financial performance metrics (net income and ROIC) were achieved for Fiscal 2013 under the annual incentive plan thus $3.0 million of compensation expense was accrued under this plan at the end of Fiscal 2013 of which $1.0 million was stock-based. On October 15, 2013, the Human Resources Committee of the Board of Directors approved the award of 38,139 restricted shares to the officers under the annual incentive plan. Of the shares granted, we repurchased 19,436 shares from employees who elected to pay their payroll tax via delivery of shares of common stock as opposed to cash. | |||||||||||||||||||||||||
Long-Term Incentive Plans | |||||||||||||||||||||||||
For Fiscal 2011, Fiscal 2012 and Fiscal 2013, the Human Resources Committee of our Board of Directors established three different three-year incentive compensation plans (Officers Long-Term Incentive Plan Fiscal 2011-2013, 2012-2014 and 2013-2015) to serve as an incentive to our senior management team to achieve certain ROE targets. If the ROE target is met, restricted stock will be awarded subsequent to the end of each three year period with a one-year restriction on sale upon award. In the event that we do not achieve the required ROE targets, no restricted stock will be granted. If it becomes probable that certain of the ROE performance targets will be achieved, the corresponding estimated cost of the grant will be recorded as stock-based compensation expense over the performance period. The probability of reaching the targets is evaluated each reporting period. If it becomes probable that certain of the target performance levels will be achieved, a cumulative adjustment will be recorded and future stock-based-compensation expense will increase based on the then projected performance levels. If we later determine that it is not probable that the minimum ROE performance threshold for the grants will be met, no further stock-based compensation cost will be recognized and any previously recognized stock-based compensation cost related to these plans will be reversed. | |||||||||||||||||||||||||
As of the end of Fiscal 2012, $791,000 of stock-based compensation expense was accrued for these plans. Specifically, for the 2010-2012 plan, the ROE target was met, thus subsequent to year end, in October 2012 restricted stock was awarded to the officers in this plan. On October 9, 2012, the Human Resources Committee of the Board of Directors approved the award of 25,532 shares valued at $318,000 to the officers under the 2010-2012 long-term incentive plan. Of the shares granted, we repurchased 7,295 shares valued at $91,000 from employees who elected to pay their payroll tax via delivery of common stock as opposed to cash. | |||||||||||||||||||||||||
As of the end of Fiscal 2013, $444,000 of stock-based compensation expense has been accrued for these plans. Specifically, for the 2011-2013 plan, the ROE target was met, thus subsequent to year end, in October 2013 restricted stock was awarded to the officers in this plan. On October 15, 2013, the Human Resources Committee of the Board of Directors approved the award of 16,006 shares valued at $443,000 to the officers under the 2011-2013 long-term incentive plan. Of the shares granted, we repurchased 7,875 shares valued at $218,000 from employees who elected to pay their payroll tax via delivery of common stock as opposed to cash. | |||||||||||||||||||||||||
Director's Awards | |||||||||||||||||||||||||
Non-employee directors may elect to receive all or part of their annual retainer and board fees in the form of Winnebago Industries stock units credited in the form of shares of our common stock instead of cash. The directors are restricted from selling these shares until their retirement. During Fiscal 2013, there were 11,987 stock units awarded to our non-employee directors in lieu of cash compensation. The aggregate intrinsic value of these awards as of August 31, 2013 was $2.5 million with 111,700 stock units outstanding. | |||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
Total stock-based compensation expense for the past three fiscal years consisted of the following components: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||||||||||||||
Share awards: | |||||||||||||||||||||||||
Performance-based annual plan employee award expense | $ | 1,055 | $ | 120 | $ | — | |||||||||||||||||||
Performance-based long-term plan employee award expense | 444 | 791 | — | ||||||||||||||||||||||
Time-based employee award expense | 1,145 | 685 | 1,068 | ||||||||||||||||||||||
Time-based directors award expense | 159 | 87 | 58 | ||||||||||||||||||||||
Directors stock unit expense | 206 | 235 | 189 | ||||||||||||||||||||||
Total stock-based compensation | $ | 3,009 | $ | 1,918 | $ | 1,315 | |||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
A summary of stock option activity for Fiscal 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||||||||||
Shares | Price per Share | Wtd. Avg. Exercise Price/Share | Shares | Price per Share | Wtd. Avg. Exercise Price/Share | Shares | Price per Share | Wtd. Avg. Exercise Price/Share | |||||||||||||||||
Outstanding at beginning of year | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | 940,815 | $9 - $36 | $ | 27.82 | |||||||||||||
Options granted | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Options exercised | (4,000 | ) | $19 | 18.84 | — | — | — | (9,000 | ) | $9 - $11 | 9.2 | ||||||||||||||
Options canceled | (58,670 | ) | $18 - $32 | 21.26 | (85,319 | ) | $19 - $32 | 26.81 | (118,832 | ) | $9 - $32 | 22.23 | |||||||||||||
Outstanding at end of year | 664,994 | $26 - $36 | $ | 29.83 | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | |||||||||||||
Exercisable at end of year | 664,994 | $26 - $36 | $ | 29.83 | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | |||||||||||||
The weighted average remaining contractual life for options outstanding and exercisable at August 31, 2013 was 1.3 years. There was no aggregate intrinsic value for the options outstanding and exercisable at August 31, 2013. Other values related to options are as follows: | |||||||||||||||||||||||||
(In thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||||||||||||||
Aggregate intrinsic value of options exercised (1) | $ | 1 | $ | — | $ | 53 | |||||||||||||||||||
Net cash proceeds from the exercise of stock options | 75 | — | 83 | ||||||||||||||||||||||
Actual income tax benefit realized from stock option exercises | — | — | 20 | ||||||||||||||||||||||
(1) | The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. | ||||||||||||||||||||||||
Share Awards | |||||||||||||||||||||||||
A summary of share award activity for Fiscal 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Beginning of year | 70,956 | $ | 13.49 | 148,500 | $ | 13.49 | 28,110 | $ | 28.21 | ||||||||||||||||
Granted | 190,738 | 12.25 | 50,000 | 7.96 | 151,000 | 13.49 | |||||||||||||||||||
Vested | (70,732 | ) | 12.93 | (120,044 | ) | 11.19 | (30,610 | ) | 27.01 | ||||||||||||||||
Canceled | — | — | (7,500 | ) | 13.49 | — | — | ||||||||||||||||||
End of year | 190,962 | $ | 12.46 | 70,956 | $ | 13.49 | 148,500 | $ | 13.49 | ||||||||||||||||
The aggregate intrinsic value of awards outstanding at August 31, 2013 was $4.3 million. | |||||||||||||||||||||||||
As of August 31, 2013, there was $1.1 million of unrecognized compensation expense related to restricted stock awards that is expected to be recognized over a weighted average period of 1.8 years. The total fair value of awards vested during Fiscal 2013, 2012 and 2011 was $1.1 million, $1.2 million and $582,000, respectively. | |||||||||||||||||||||||||
On October 16, 2013 the full Board of Directors approved the award of grants of 66,700 shares of our restricted common stock under the Plan valued at $1.8 million to our key management group (approximately 60 employees). The Board of Directors also granted 17,500 shares of our restricted common stock valued at $477,000 to the non-management members of the Board. | |||||||||||||||||||||||||
The value of the restricted stock is based on the closing price of our common stock on the date of grant, which was $27.28. The fair value of this award to employees is amortized on a straight-line basis over the requisite service period of three years or to an employee's eligible retirement date, if earlier; thus restricted stock awards are expensed immediately upon grant for retirement-eligible employees. Estimated non-cash stock compensation expense based on this restricted stock grant will be approximately $691,000 for the first quarter of Fiscal 2014 and $1.3 million for Fiscal 2014. |
Net_Revenues_Classifications
Net Revenues Classifications | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Net Revenues Classifications | Net Revenues Classifications | |||||||||||||||||
Net revenue by product class: | ||||||||||||||||||
Year Ended | ||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||
Motorhomes, parts and service | $ | 718,580 | 89.5 | % | $ | 496,193 | 85.3 | % | $ | 456,337 | 91.9 | % | ||||||
Towables and parts | 54,683 | 6.8 | % | 56,784 | 9.8 | % | 16,712 | 3.4 | % | |||||||||
Other manufactured products | 29,902 | 3.7 | % | 28,702 | 4.9 | % | 23,369 | 4.7 | % | |||||||||
Total net revenues | $ | 803,165 | 100 | % | $ | 581,679 | 100 | % | $ | 496,418 | 100 | % | ||||||
Net revenue by geographic area: | ||||||||||||||||||
Year Ended | ||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||
United States | $ | 742,798 | 92.5 | % | $ | 522,515 | 89.8 | % | $ | 446,616 | 90 | % | ||||||
International | 60,367 | 7.5 | % | 59,164 | 10.2 | % | 49,802 | 10 | % | |||||||||
Total net revenues | $ | 803,165 | 100 | % | $ | 581,679 | 100 | % | $ | 496,418 | 100 | % | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The following table reflects the calculation of basic and diluted income per share for the past three fiscal years: | ||||||||||||
Year Ended | ||||||||||||
(In thousands, except per share data) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Income per share - basic | ||||||||||||
Net income | $ | 31,953 | $ | 44,972 | $ | 11,843 | ||||||
Weighted average shares outstanding | 28,075 | 29,145 | 29,121 | |||||||||
Net income per share - basic | $ | 1.14 | $ | 1.54 | $ | 0.41 | ||||||
Income per share - assuming dilution | ||||||||||||
Net income | $ | 31,953 | $ | 44,972 | $ | 11,843 | ||||||
Weighted average shares outstanding | 28,075 | 29,145 | 29,121 | |||||||||
Dilutive impact of awards and options outstanding | 95 | 62 | 27 | |||||||||
Weighted average shares and potential dilutive shares outstanding | 28,170 | 29,207 | 29,148 | |||||||||
Net income per share - assuming dilution | $ | 1.13 | $ | 1.54 | $ | 0.41 | ||||||
For the fiscal years ended August 31, 2013, August 25, 2012 and August 27, 2011, there were options outstanding to purchase 664,994 shares, 727,664 shares and 812,983 shares, respectively, of common stock at an average price of $29.83, $29.08 and $28.84, respectively, which were not included in the computation of diluted income per share because they are considered anti-dilutive under the treasury stock method per ASC 260, Earnings Per Share. |
Interim_Financial_Information_
Interim Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) | |||||||||||||||
Fiscal 2013 | Quarter Ended | |||||||||||||||
(In thousands, except per share data) | December 1, | March 2, | June 1, | August 31, | ||||||||||||
2012 | 2013 | 2013 | 2013 | |||||||||||||
Net revenues | $ | 193,554 | $ | 177,166 | $ | 218,199 | $ | 214,246 | ||||||||
Gross profit | 20,747 | 17,191 | 21,197 | 25,496 | ||||||||||||
Operating income | 9,946 | 8,872 | 10,248 | 15,332 | ||||||||||||
Net income | 7,391 | 6,285 | 7,661 | 10,616 | ||||||||||||
Net income per share (basic) | 0.26 | 0.22 | 0.27 | 0.38 | ||||||||||||
Net income per share (diluted) | 0.26 | 0.22 | 0.27 | 0.38 | ||||||||||||
Fiscal 2012 | Quarter Ended | |||||||||||||||
(In thousands, except per share data) | November 26, | February 25, | May 26, | August 25, | ||||||||||||
2011 | 2012 | 2012 | 2012 (1) | |||||||||||||
Net revenues | $ | 131,837 | $ | 131,600 | $ | 155,709 | $ | 162,533 | ||||||||
Gross profit | 8,496 | 6,846 | 12,071 | 16,267 | ||||||||||||
Operating income (loss) | 627 | (1,164 | ) | 3,527 | 6,536 | |||||||||||
Net income (loss) | 1,035 | (912 | ) | 3,941 | 40,908 | |||||||||||
Net income (loss) per share (basic) | 0.04 | (0.03 | ) | 0.13 | 1.41 | |||||||||||
Net income (loss) per share (diluted) | 0.04 | (0.03 | ) | 0.13 | 1.41 | |||||||||||
(1) In Fiscal 2009 we established a valuation allowance of $45.3 million on our deferred tax assets. In the fourth quarter of Fiscal 2012, we determined we no longer needed the valuation allowance and re-established $39.0 million of deferred tax assets. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Comprehensive Income | Comprehensive Income | |||||||||||||||||||
Changes in AOCI by component, net of tax, were: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
August 31, 2013 | August 25, 2012 | |||||||||||||||||||
(In thousands) | Defined Benefit | Unrealized Gains and Losses on Available- | Total | Defined Benefit | Unrealized Gains and Losses on Available- | Total | ||||||||||||||
Pension Items | for-Sale Securities | Pension Items | for-Sale Securities | |||||||||||||||||
Balance at beginning of year | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | $ | (408 | ) | $ | (46 | ) | $ | (454 | ) | ||
OCI before reclassifications | 6,288 | 209 | 6,497 | (761 | ) | (314 | ) | (1,075 | ) | |||||||||||
Amounts reclassified from AOCI | (1,962 | ) | — | (1,962 | ) | (2,157 | ) | — | (2,157 | ) | ||||||||||
Net current-period OCI | 4,326 | 209 | 4,535 | (2,918 | ) | (314 | ) | (3,232 | ) | |||||||||||
Balance at end of year | $ | 1,000 | $ | (151 | ) | $ | 849 | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | ||||
Reclassifications out of AOCI in net periodic benefit costs were as follows: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | Location on Consolidated Statements of Operations and Comprehensive Income | |||||||||||||||||
Amortization of prior service credit | $ | (4,493 | ) | $ | (3,990 | ) | Cost of goods sold | |||||||||||||
(677 | ) | (602 | ) | Operating expenses | ||||||||||||||||
(5,170 | ) | (4,592 | ) | |||||||||||||||||
1,944 | 1,791 | Income taxes | ||||||||||||||||||
(3,226 | ) | (2,801 | ) | |||||||||||||||||
Amortization of net actuarial loss | 1,412 | 896 | Cost of goods sold | |||||||||||||||||
213 | 135 | Operating expenses | ||||||||||||||||||
1,625 | 1,031 | |||||||||||||||||||
(361 | ) | (387 | ) | Income taxes | ||||||||||||||||
1,264 | 644 | |||||||||||||||||||
Total reclassifications | $ | (1,962 | ) | $ | (2,157 | ) |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2013 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
The former president of our Towables operation and former majority owner of SunnyBrook is a majority owner of FFT Land Management which leased manufacturing and office space to us in Middlebury, Indiana from January 1, 2011 to December 31, 2015 with annual payments of $660,000. For the twelve months ended August 31, 2013 and August 25, 2012 and the eight months ended August 27, 2011, we recorded rent expense associated with the lease of $660,000, $660,000 and $440,000, respectively. We believe that the lease agreement terms are similar to those that would result from arm's-length negotiations between unrelated parties. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Aug. 31, 2013 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation | |
The consolidated financial statements for Fiscal 2013 include the parent company and our wholly-owned subsidiary, Winnebago of Indiana, LLC. See Note 2. All material intercompany balances and transactions with our subsidiary have been eliminated. | ||
Fiscal Period [Policy Text Block] | Fiscal Period | |
We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2013 is a 53-week fiscal year; the first quarter ending December 1, 2012 was a 14-week quarter. Fiscal 2012 and Fiscal 2011 were 52-week periods. | ||
Use of Estimates [Policy Text Block] | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents | |
Cash and cash equivalents consist primarily of highly liquid investments with an original maturity of three months or less. The carrying amount approximates fair value due to the short maturity of the investments. | ||
Fair Value Disclosures of Financial Instruments [Policy Text Block] | Fair Value Disclosures of Financial Instruments | |
All financial instruments are carried at amounts believed to approximate fair value. | ||
Derivatives Instruments and Hedging Activities [Policy Text Block] | Derivative Instruments and Hedging Activities | |
All contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. Our policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. | ||
Allowance for Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts | |
The allowance for doubtful accounts is based on historical loss experience and any specific customer collection issues identified. Additional amounts are provided through charges to income as we believe necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are written off and recoveries of amounts previously written off are credited to the allowance upon recovery. | ||
Inventories [Policy Text Block] | Inventories | |
Substantially, all inventories are stated at the lower of cost or market, determined on the LIFO basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. | ||
Property and Equipment [Policy Text Block] | Property and Equipment | |
Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: | ||
Asset Class | Asset Life | |
Buildings | 10-30 years | |
Machinery and equipment | 3-10 years | |
Transportation equipment | 4-6 years | |
We review our long-lived depreciable assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. We assess the potential impairment of long-lived assets in accordance with ASC 360 Property, Plant and Equipment. We assessed the fair value of certain properties which were idled and are listed for sale (see Note 6). We also reviewed all other long-lived depreciable assets for impairment, noting no impairment. | ||
Goodwill and Amortizable Intangible Assets [Policy Text Block] | Goodwill and Amortizable Intangible Assets | |
Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in a business combination. Amortizable intangible assets consisted of dealer network, trademarks and non-compete agreements and were amortized using the straight-line method up to seven to ten years. Goodwill assets are reviewed for impairment by applying a fair-value based test on an annual basis, or more frequently if circumstances indicate a potential impairment. Amortizable intangible assets are also subject to impairment test annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. | ||
Self-Insurance [Policy Text Block] | Self-Insurance | |
Generally, we self-insure for a portion of product liability claims and workers' compensation. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We determined the liability for product liability and workers' compensation claims with the assistance of a third party administrator and actuary using various state statutes and historical claims experience. We have an SIR for product liability which varies annually based on market conditions and for at least the last five fiscal years was at $2.5 million per occurrence and $6.0 million in aggregate per policy year. In the event that the annual aggregate of the SIR is exhausted by payment of claims and defense expenses, an SIR of $1.0 million, excluding defense expenses, is applicable to each claim covered under this policy. We maintain excess liability insurance with outside insurance carriers to minimize our risks related to catastrophic claims in excess of our self-insured positions for product liability and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on our operating results. Our product liability and workers' compensation accrual is included within accrued self-insurance on our balance sheet. | ||
Income Taxes [Policy Text Block] | Income Taxes | |
We account for income taxes in accordance with ASC 740, Income Taxes. As part of the process of preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our balance sheet. We then assess the likelihood that our deferred tax assets will be realized based on future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we include an expense or a benefit within the tax provision in our Statements of Operations. | ||
Legal [Policy Text Block] | Legal | |
Our accounting policy regarding litigation expense is to accrue for probable exposure including estimated defense costs if we are able to estimate the financial impact. | ||
Revenue Recognition [Policy Text Block] | Revenue Recognition | |
Generally, revenues for our recreation vehicles are recorded when the following conditions are met: an order for a product has been received from a dealer, written or verbal approval for payment has been received from the dealer's floorplan financing institution, and the title has transfered to the dealer who placed the order. Most sales are financed by our dealers under floorplan financing arrangements with banks or finance companies. | ||
Revenues of our OEM components and recreation vehicle related parts are recorded as the products are shipped from our location. The title of ownership transfers on these products as they leave our location due to the freight terms of F.O.B. - Shi | ||
Concentration of Risk [Policy Text Block] | Concentration of Risk | |
One of our dealer organizations accounted for 26.5%, 25.5%, and 18% of our consolidated net revenue in Fiscal 2013, 2012 and 2011, respectively. In Fiscal 2013 they sold our products in 68 of their dealership locations across 26 US states. A second dealer organization accounted for 12.3% of our net revenue for Fiscal 2013, as they sold products in 11 of their dealership locations across 3 US states. The loss of either or both of these dealer organizations could have a significant adverse effect on our business. In addition, deterioration in the liquidity or creditworthiness of either or both of these dealers could negatively impact our sales and could trigger repurchase obligations under our repurchase agreements. | ||
Sales Promotions and Incentives [Policy Text Block] | Sales Promotions and Incentives | |
We accrue for sales promotions and incentive expenses, which are recognized as a reduction to revenues, at the time of sale to the dealer or when the sales incentive is offered to the dealer or retail customer. Examples of sales promotions and incentive programs include dealer and consumer rebates, volume discounts, retail financing programs and dealer sales associate incentives. Sales promotion and incentive expenses are estimated based upon then current program parameters, such as unit or retail volume and historical rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the retail customer usage rate varies from historical trends. Historically, sales promotion and incentive accruals have been within our expectations and differences have not been material. | ||
Repurchase Commitments [Policy Text Block] | Repurchase Commitments | |
It is customary practice for manufacturers in the recreation vehicle industry to enter into repurchase agreements with financing institutions that provide financing to their dealers. Our repurchase agreements generally provide that, in the event of a default by a dealer in its obligation to these lenders, we will repurchase vehicles sold to the dealer that have not been resold to retail customers. The terms of these agreements, which can last up to 18 months, provide that our liability will be the lesser of remaining principal owed by the dealer or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. | ||
Based on these repurchase agreements, we establish an associated loss reserve which is disclosed separately as "Accrued loss of repurchases" in the consolidated balance sheets. Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. See Note 11. | ||
Shipping Revenues and Expenses [Policy Text Block] | Shipping Revenues and Expenses | |
Shipping revenues for products shipped are included within net sales, while shipping expenses are included within cost of goods sold. | ||
Reporting Segment [Policy Text Block] | Reporting Segment | |
We have two operating segments, motorhomes and Towables, which aggregate into one reportable segment, the recreation vehicle market. We design, develop, manufacture and market motorized and towable recreation products along with supporting products and services. The Chief Executive Officer has been identified as the Chief Operating Decision Maker as defined by ASC No. 280, Disclosures about Segments Reporting. | ||
Research and Development [Policy Text Block] | Research and Development | |
Research and development expenditures are included within cost of goods sold and are expensed as incurred. A portion of these expenditures qualify for state and federal tax benefits. Development activities generally relate to creating new products and improving or creating variations of existing products to meet new applications. During Fiscal 2013, 2012 and 2011, we spent approximately $3.8 million, $3.4 million and $3.2 million, respectively, on research and development activities. | ||
Advertising [Policy Text Block] | Advertising | |
Advertising costs, which consist primarily of literature and trade shows, were $4.7 million, $4.3 million, and $3.4 million in Fiscal 2013, 2012 and 2011, respectively. Advertising costs are included in selling expense and are expensed as incurred with the exception of trade shows which are expensed in the period in which the show occurs. | ||
Earnings Per Common Share [Policy Text Block] | Earnings Per Common Share | |
Basic income per common share is computed by dividing net income by the weighted average common shares outstanding during the period. | ||
Diluted income per common share is computed by dividing net income by the weighted average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock awards and options (see Note 16). | ||
Reclassifications [Policy Text Block] | Reclassifications | |
Certain amounts reported in prior years in deferred tax assets have been reclassified to conform to the current year footnote presentation. The reclassifications had no impact on total deferred tax assets (see Note 12). | ||
Subsequent Events [Policy Text Block] | Subsequent Events | |
We evaluated events occurring between the end of our most recent fiscal year and the date the financial statements were issued. There were no material subsequent events, except those described in Note 4 and Note 14. | ||
New Accounting Pronouncements [Policy Text Block] | New Accounting Pronouncements | |
On June 16, 2011, the FASB issued ASU 2011-05, Presentation of Comprehensive Income, which revised the manner in which entities present comprehensive income in their financial statements. ASU 2011-05 became effective for fiscal years beginning after December 15, 2011 (our Fiscal 2013). We adopted this guidance in Fiscal 2013. This guidance resulted in no significant impact on our consolidated financial statements. | ||
In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, which simplified the manner in which entities test goodwill for impairment. After assessment of certain qualitative factors, if it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying amount, entities must perform a quantitative analysis of the goodwill impairment test. Otherwise, the quantitative test becomes optional. ASU 2011-08 is effective for fiscal years beginning after December 15, 2011 (our Fiscal 2013). The adoption of this guidance had no significant impact on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Accounting Policies [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: | ||||||||
Asset Class | Asset Life | ||||||||
Buildings | 10-30 years | ||||||||
Machinery and equipment | 3-10 years | ||||||||
Transportation equipment | 4-6 years | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: | |||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | |||||||
Land | $ | 757 | $ | 757 | |||||
Buildings and building improvements | 50,297 | 49,641 | |||||||
Machinery and equipment | 91,224 | 90,775 | |||||||
Transportation | 9,044 | 8,858 | |||||||
Total property, plant and equipment, gross | 151,322 | 150,031 | |||||||
Less accumulated depreciation | (131,056 | ) | (130,053 | ) | |||||
Total property, plant and equipment, net | $ | 20,266 | $ | 19,978 | |||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||
Aug. 31, 2013 | ||||
Business Combinations [Abstract] | ||||
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes the approximate fair value of the net assets acquired at the date of the closing: | |||
(In thousands) | 29-Dec-10 | |||
Current assets | $ | 5,773 | ||
Property, plant and equipment | 337 | |||
Goodwill | 1,228 | |||
Dealer network | 535 | |||
Trademarks | 196 | |||
Non-compete agreement | 40 | |||
Current liabilities | (2,513 | ) | ||
Total fair value of net assets acquired | 5,596 | |||
Less cash acquired | (902 | ) | ||
Total cash paid for acquisition less cash acquired | $ | 4,694 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | |||||||||||||||||
Fair Value at August 31, 2013 | Fair Value Measurements | ||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 2,108 | $ | — | $ | — | $ | 2,108 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,127 | 7,127 | — | — | |||||||||||||
International equity funds | 742 | 742 | — | — | |||||||||||||
Fixed income funds | 287 | 287 | — | — | |||||||||||||
Total assets at fair value | $ | 10,264 | $ | 8,156 | $ | — | $ | 2,108 | |||||||||
Fair Value at August 25, 2012 | Fair Value Measurements | ||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 9,074 | $ | — | $ | — | $ | 9,074 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,924 | 7,924 | — | — | |||||||||||||
International equity funds | 957 | 957 | — | — | |||||||||||||
Fixed income funds | 487 | 487 | — | — | |||||||||||||
Total assets at fair value | $ | 18,442 | $ | 9,368 | $ | — | $ | 9,074 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): | ||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | |||||||||||||||
Balance at beginning of year | $ | 9,074 | $ | 10,627 | |||||||||||||
Net realized loss included in non-operating income | (45 | ) | — | ||||||||||||||
Net change included in other comprehensive income | 379 | (503 | ) | ||||||||||||||
Sales | (7,300 | ) | (1,050 | ) | |||||||||||||
Balance at the end of year | $ | 2,108 | $ | 9,074 | |||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The following table presents quantitative information regarding unobservable inputs that were significant to the valuation of assets measured at fair value on a recurring basis at August 31, 2013 using Level 3 inputs: | ||||||||||||||||
Range | |||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input | Low | High | ||||||||||||
Student loan ARS | $ | 2,108 | Discounted Cash Flow | Projected ARS Yield | 1.89 | % | 1.89 | % | |||||||||
Discount for lack of marketability | 2.94 | % | 4.25 | % |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Aug. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||
Finished goods | $ | 43,927 | $ | 30,054 | ||||
Work-in-process | 46,257 | 45,240 | ||||||
Raw materials | 52,201 | 42,824 | ||||||
Total | 142,385 | 118,118 | ||||||
LIFO reserve | (29,844 | ) | (31,024 | ) | ||||
Total inventories | $ | 112,541 | $ | 87,094 | ||||
Property_Plant_and_Equipment_a1
Property, Plant and Equipment and Assets Held for Sale (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: | ||||||||
Asset Class | Asset Life | ||||||||
Buildings | 10-30 years | ||||||||
Machinery and equipment | 3-10 years | ||||||||
Transportation equipment | 4-6 years | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: | |||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | |||||||
Land | $ | 757 | $ | 757 | |||||
Buildings and building improvements | 50,297 | 49,641 | |||||||
Machinery and equipment | 91,224 | 90,775 | |||||||
Transportation | 9,044 | 8,858 | |||||||
Total property, plant and equipment, gross | 151,322 | 150,031 | |||||||
Less accumulated depreciation | (131,056 | ) | (130,053 | ) | |||||
Total property, plant and equipment, net | $ | 20,266 | $ | 19,978 | |||||
Goodwill_and_Amortizable_Intan1
Goodwill and Amortizable Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Amortizable intangible assets consist of the following: | |||||||||||||||
August 31, 2013 | August 25, 2012 | |||||||||||||||
(In thousands) | Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Dealer network | $ | 534 | $ | 534 | $ | 534 | $ | 88 | ||||||||
Trademarks | 196 | 196 | 196 | 32 | ||||||||||||
Non-compete agreement | 40 | 40 | 40 | 10 | ||||||||||||
Total | $ | 770 | $ | 770 | $ | 770 | $ | 130 | ||||||||
Warranty_Tables
Warranty (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in our product warranty liability during Fiscal 2013, Fiscal 2012 and Fiscal 2011 are as follows: | |||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Balance at beginning of year | $ | 6,990 | $ | 7,335 | $ | 7,634 | ||||||
Provision | 9,075 | 5,756 | 5,566 | |||||||||
Claims paid | (7,622 | ) | (6,101 | ) | (5,865 | ) | ||||||
Balance at end of year | $ | 8,443 | $ | 6,990 | $ | 7,335 | ||||||
Employee_and_Retiree_Benefits_
Employee and Retiree Benefits (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Postretirement health care and deferred compensation benefits are as follows: | |||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Postretirement health care benefit cost | $ | 36,244 | $ | 45,132 | ||||||||
Non-qualified deferred compensation | 22,366 | 23,630 | ||||||||||
Executive share option plan liability | 6,959 | 7,798 | ||||||||||
SERP benefit liability | 2,876 | 3,342 | ||||||||||
Executive deferred compensation | 105 | 102 | ||||||||||
Officer stock-based compensation | 543 | — | ||||||||||
Total postretirement health care and deferred compensation benefits | 69,093 | 80,004 | ||||||||||
Less current portion | (5,019 | ) | (4,869 | ) | ||||||||
Long-term postretirement health care and deferred compensation benefits | $ | 64,074 | $ | 75,135 | ||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Changes in our postretirement health care liability are as follows: | |||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Balance at beginning of year | $ | 45,132 | $ | 41,370 | ||||||||
Interest cost | 1,508 | 1,849 | ||||||||||
Service cost | 574 | 539 | ||||||||||
Net benefits paid | (1,109 | ) | (1,213 | ) | ||||||||
Actuarial (gain) loss | (5,572 | ) | 7,185 | |||||||||
Plan amendment | (4,289 | ) | (4,598 | ) | ||||||||
Balance at end of year | $ | 36,244 | $ | 45,132 | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net periodic postretirement benefit income for the past three fiscal years consisted of the following components: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Interest cost | $ | 1,508 | $ | 1,849 | $ | 1,905 | ||||||
Service cost | 574 | 539 | 608 | |||||||||
Amortization of prior service benefit | (5,170 | ) | (4,592 | ) | (4,199 | ) | ||||||
Amortization of net actuarial loss | 1,603 | 1,029 | 1,095 | |||||||||
Net periodic postretirement benefit income | $ | (1,485 | ) | $ | (1,175 | ) | $ | (591 | ) | |||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (before taxes) are as follows: | |||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Prior service credit | $ | (16,926 | ) | $ | (17,808 | ) | ||||||
Net actuarial loss | 14,899 | 22,075 | ||||||||||
Accumulated other comprehensive (loss) income | $ | (2,027 | ) | $ | 4,267 | |||||||
Schedule of Expected Benefit Payments [Table Text Block] | Expected future benefit payments for postretirement health care for the next ten years are as follows: | |||||||||||
(In thousands) | Amount | |||||||||||
Year: | 2014 | $ | 1,202 | |||||||||
2015 | 1,402 | |||||||||||
2016 | 1,573 | |||||||||||
2017 | 1,735 | |||||||||||
2018 | 1,893 | |||||||||||
2019-2023 | 11,383 | |||||||||||
Total | $ | 19,188 | ||||||||||
Investment in Life Insurance [Table Text Block] | To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented as investment in life insurance in the accompanying balance sheets and consists of the following: | |||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | ||||||||||
Cash value | $ | 55,484 | $ | 53,948 | ||||||||
Borrowings | (30,433 | ) | (30,821 | ) | ||||||||
Investment in life insurance | $ | 25,051 | $ | 23,127 | ||||||||
Contingent_Liabilites_and_Comm1
Contingent Liabilites and Commitments (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | A summary of the activity for the fiscal years stated for repurchased units is as follows: | ||||||||||||
(Dollars in thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||
Inventory repurchased: | |||||||||||||
Units | 20 | 18 | 25 | ||||||||||
Dollars | $ | 451 | $ | 1,264 | $ | 2,431 | |||||||
Inventory resold: | |||||||||||||
Units | 20 | 18 | 25 | ||||||||||
Cash collected | $ | 353 | $ | 1,113 | $ | 2,144 | |||||||
Loss recognized | $ | 98 | $ | 151 | $ | 287 | |||||||
Units in ending inventory | — | — | — | ||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 31, 2013 are as follows: | ||||||||||||
(In thousands) | Amount | ||||||||||||
Year Ended: | 2014 | $ | 1,070 | ||||||||||
2015 | 705 | ||||||||||||
2016 | 257 | ||||||||||||
2017 | 34 | ||||||||||||
2018 | 8 | ||||||||||||
Total | $ | 2,074 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes are as follows: | ||||||||||||
Year Ended | |||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | 10,958 | $ | 468 | $ | 588 | |||||||
State | (680 | ) | (584 | ) | (564 | ) | |||||||
Total current tax provision (benefit) | 10,278 | (116 | ) | 24 | |||||||||
Deferred | |||||||||||||
Federal | 1,666 | (33,218 | ) | 62 | |||||||||
State | 1,197 | (1,531 | ) | 8 | |||||||||
Total deferred tax provision (benefit) | 2,863 | (34,749 | ) | 70 | |||||||||
Total tax provision (benefit) | $ | 13,141 | $ | (34,865 | ) | $ | 94 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the US statutory income tax rate to our effective tax rate: | ||||||||||||
Year Ended | |||||||||||||
(A percentage) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||
US federal statutory rate | 35 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal benefit | 2.1 | % | 2.5 | % | 2.1 | % | |||||||
Tax-free and dividend income | (2.2 | )% | (9.7 | )% | (8.4 | )% | |||||||
Income tax credits | (1.7 | )% | (1.7 | )% | (4.6 | )% | |||||||
Domestic production activities deduction | (2.4 | )% | (1.1 | )% | (1.3 | )% | |||||||
Other permanent items | (0.8 | )% | 4.8 | % | (0.1 | )% | |||||||
Valuation allowance | 0.2 | % | (372.8 | )% | (16.8 | )% | |||||||
Uncertain tax positions settlements and adjustments | (1.1 | )% | (1.6 | )% | (4.1 | )% | |||||||
Amended state returns | — | % | 0.6 | % | — | % | |||||||
Effective tax provision (benefit) rate | 29.1 | % | (345.0 | )% | 0.8 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant items comprising our net deferred tax assets are as follows: | ||||||||||||
August 31, 2013 | August 25, 2012 | ||||||||||||
(In thousands) | Total | Total | |||||||||||
Current | |||||||||||||
Warranty reserves | $ | 3,191 | $ | 2,759 | |||||||||
Self-insurance reserve | 1,704 | 1,556 | |||||||||||
Accrued vacation | 1,810 | 1,595 | |||||||||||
Inventory | (1,078 | ) | 186 | ||||||||||
Deferred compensation | 1,118 | 1,215 | |||||||||||
Miscellaneous reserves | 997 | 1,142 | |||||||||||
Total current | 7,742 | 8,453 | |||||||||||
Noncurrent | |||||||||||||
Postretirement health care benefits | 13,186 | 16,508 | |||||||||||
Deferred compensation | 10,678 | 12,416 | |||||||||||
Tax credits and NOL carryforwards | 2,070 | -1 | 2,750 | ||||||||||
Unrecognized tax benefit | 1,206 | 1,416 | |||||||||||
Depreciation | (917 | ) | (2,037 | ) | |||||||||
Other | 1,068 | 1,036 | |||||||||||
Total noncurrent | 27,291 | 32,089 | |||||||||||
Total gross deferred tax assets | 35,033 | 40,542 | |||||||||||
Valuation allowance | (1,642 | ) | (1,569 | ) | |||||||||
Total deferred tax assets | $ | 33,391 | $ | 38,973 | |||||||||
-1 | At August 31, 2013, tax credits and NOL carryforwards included $1.4 million of unused tax credits, which will expire in Fiscal 2014, and $676,000 of state NOLs that will begin to expire in Fiscal 2018 if not otherwise used by us. A valuation allowance of $1.6 million has been maintained for these assets as it is unlikely that the $1.4 million of tax credits will be utilized before they expire and $249,000 of state NOLs are currently not available to be utilized due to a suspension put in place by that state. | ||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Changes in the unrecognized tax benefits are as follows: | ||||||||||||
(In thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||
Unrecognized tax benefits - beginning balance | $ | (5,228 | ) | $ | (5,387 | ) | $ | (5,877 | ) | ||||
Gross decreases - tax positions in a prior period | 3,101 | 599 | 490 | ||||||||||
Gross increases - current period tax positions | (7 | ) | (440 | ) | — | ||||||||
Unrecognized tax benefits - ending balance | $ | (2,134 | ) | $ | (5,228 | ) | $ | (5,387 | ) |
NonOperating_Income_and_Expens1
Non-Operating Income and Expense (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Non-operating income consists of: | |||||||||||
Year Ended | ||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
COLI appreciation | $ | 2,616 | $ | 2,788 | $ | 3,045 | ||||||
COLI death benefits | 537 | 528 | 372 | |||||||||
COLI premiums | (487 | ) | (514 | ) | (564 | ) | ||||||
COLI interest expense | (1,640 | ) | (1,795 | ) | (1,821 | ) | ||||||
Total COLI | 1,026 | 1,007 | 1,032 | |||||||||
Total line of credit expense | (339 | ) | (571 | ) | (564 | ) | ||||||
Loss on sale of investment | (45 | ) | — | — | ||||||||
Interest income | 65 | 143 | 194 | |||||||||
(Loss) gain on foreign currency transactions | (11 | ) | 2 | (4 | ) | |||||||
Total non-operating income | $ | 696 | $ | 581 | $ | 658 | ||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Total stock-based compensation expense for the past three fiscal years consisted of the following components: | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | ||||||||||||||||||||||
Share awards: | |||||||||||||||||||||||||
Performance-based annual plan employee award expense | $ | 1,055 | $ | 120 | $ | — | |||||||||||||||||||
Performance-based long-term plan employee award expense | 444 | 791 | — | ||||||||||||||||||||||
Time-based employee award expense | 1,145 | 685 | 1,068 | ||||||||||||||||||||||
Time-based directors award expense | 159 | 87 | 58 | ||||||||||||||||||||||
Directors stock unit expense | 206 | 235 | 189 | ||||||||||||||||||||||
Total stock-based compensation | $ | 3,009 | $ | 1,918 | $ | 1,315 | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity for Fiscal 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||||||||||
Shares | Price per Share | Wtd. Avg. Exercise Price/Share | Shares | Price per Share | Wtd. Avg. Exercise Price/Share | Shares | Price per Share | Wtd. Avg. Exercise Price/Share | |||||||||||||||||
Outstanding at beginning of year | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | 940,815 | $9 - $36 | $ | 27.82 | |||||||||||||
Options granted | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Options exercised | (4,000 | ) | $19 | 18.84 | — | — | — | (9,000 | ) | $9 - $11 | 9.2 | ||||||||||||||
Options canceled | (58,670 | ) | $18 - $32 | 21.26 | (85,319 | ) | $19 - $32 | 26.81 | (118,832 | ) | $9 - $32 | 22.23 | |||||||||||||
Outstanding at end of year | 664,994 | $26 - $36 | $ | 29.83 | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | |||||||||||||
Exercisable at end of year | 664,994 | $26 - $36 | $ | 29.83 | 727,664 | $18 - $36 | $ | 29.08 | 812,983 | $18 - $36 | $ | 28.84 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Other Values [Table Text Block] | Other values related to options are as follows: | ||||||||||||||||||||||||
(In thousands) | Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | ||||||||||||||||||||||
Aggregate intrinsic value of options exercised (1) | $ | 1 | $ | — | $ | 53 | |||||||||||||||||||
Net cash proceeds from the exercise of stock options | 75 | — | 83 | ||||||||||||||||||||||
Actual income tax benefit realized from stock option exercises | — | — | 20 | ||||||||||||||||||||||
(1) | The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. | ||||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | A summary of share award activity for Fiscal 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Beginning of year | 70,956 | $ | 13.49 | 148,500 | $ | 13.49 | 28,110 | $ | 28.21 | ||||||||||||||||
Granted | 190,738 | 12.25 | 50,000 | 7.96 | 151,000 | 13.49 | |||||||||||||||||||
Vested | (70,732 | ) | 12.93 | (120,044 | ) | 11.19 | (30,610 | ) | 27.01 | ||||||||||||||||
Canceled | — | — | (7,500 | ) | 13.49 | — | — | ||||||||||||||||||
End of year | 190,962 | $ | 12.46 | 70,956 | $ | 13.49 | 148,500 | $ | 13.49 | ||||||||||||||||
Net_Revenues_Classifications_T
Net Revenues Classifications (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | Net revenue by product class: | |||||||||||||||||
Year Ended | ||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||
Motorhomes, parts and service | $ | 718,580 | 89.5 | % | $ | 496,193 | 85.3 | % | $ | 456,337 | 91.9 | % | ||||||
Towables and parts | 54,683 | 6.8 | % | 56,784 | 9.8 | % | 16,712 | 3.4 | % | |||||||||
Other manufactured products | 29,902 | 3.7 | % | 28,702 | 4.9 | % | 23,369 | 4.7 | % | |||||||||
Total net revenues | $ | 803,165 | 100 | % | $ | 581,679 | 100 | % | $ | 496,418 | 100 | % | ||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net revenue by geographic area: | |||||||||||||||||
Year Ended | ||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||||||||
United States | $ | 742,798 | 92.5 | % | $ | 522,515 | 89.8 | % | $ | 446,616 | 90 | % | ||||||
International | 60,367 | 7.5 | % | 59,164 | 10.2 | % | 49,802 | 10 | % | |||||||||
Total net revenues | $ | 803,165 | 100 | % | $ | 581,679 | 100 | % | $ | 496,418 | 100 | % | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reflects the calculation of basic and diluted income per share for the past three fiscal years: | |||||||||||
Year Ended | ||||||||||||
(In thousands, except per share data) | August 31, 2013 | August 25, 2012 | August 27, 2011 | |||||||||
Income per share - basic | ||||||||||||
Net income | $ | 31,953 | $ | 44,972 | $ | 11,843 | ||||||
Weighted average shares outstanding | 28,075 | 29,145 | 29,121 | |||||||||
Net income per share - basic | $ | 1.14 | $ | 1.54 | $ | 0.41 | ||||||
Income per share - assuming dilution | ||||||||||||
Net income | $ | 31,953 | $ | 44,972 | $ | 11,843 | ||||||
Weighted average shares outstanding | 28,075 | 29,145 | 29,121 | |||||||||
Dilutive impact of awards and options outstanding | 95 | 62 | 27 | |||||||||
Weighted average shares and potential dilutive shares outstanding | 28,170 | 29,207 | 29,148 | |||||||||
Net income per share - assuming dilution | $ | 1.13 | $ | 1.54 | $ | 0.41 | ||||||
Interim_Financial_Information_1
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||
Fiscal 2013 | Quarter Ended | |||||||||||||||
(In thousands, except per share data) | December 1, | March 2, | June 1, | August 31, | ||||||||||||
2012 | 2013 | 2013 | 2013 | |||||||||||||
Net revenues | $ | 193,554 | $ | 177,166 | $ | 218,199 | $ | 214,246 | ||||||||
Gross profit | 20,747 | 17,191 | 21,197 | 25,496 | ||||||||||||
Operating income | 9,946 | 8,872 | 10,248 | 15,332 | ||||||||||||
Net income | 7,391 | 6,285 | 7,661 | 10,616 | ||||||||||||
Net income per share (basic) | 0.26 | 0.22 | 0.27 | 0.38 | ||||||||||||
Net income per share (diluted) | 0.26 | 0.22 | 0.27 | 0.38 | ||||||||||||
Fiscal 2012 | Quarter Ended | |||||||||||||||
(In thousands, except per share data) | November 26, | February 25, | May 26, | August 25, | ||||||||||||
2011 | 2012 | 2012 | 2012 (1) | |||||||||||||
Net revenues | $ | 131,837 | $ | 131,600 | $ | 155,709 | $ | 162,533 | ||||||||
Gross profit | 8,496 | 6,846 | 12,071 | 16,267 | ||||||||||||
Operating income (loss) | 627 | (1,164 | ) | 3,527 | 6,536 | |||||||||||
Net income (loss) | 1,035 | (912 | ) | 3,941 | 40,908 | |||||||||||
Net income (loss) per share (basic) | 0.04 | (0.03 | ) | 0.13 | 1.41 | |||||||||||
Net income (loss) per share (diluted) | 0.04 | (0.03 | ) | 0.13 | 1.41 | |||||||||||
(1) In Fiscal 2009 we established a valuation allowance of $45.3 million on our deferred tax assets. In the fourth quarter of Fiscal 2012, we determined we no longer needed the valuation allowance and re-established $39.0 million of deferred tax assets. |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component, net of tax, were: | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
August 31, 2013 | August 25, 2012 | |||||||||||||||||||
(In thousands) | Defined Benefit | Unrealized Gains and Losses on Available- | Total | Defined Benefit | Unrealized Gains and Losses on Available- | Total | ||||||||||||||
Pension Items | for-Sale Securities | Pension Items | for-Sale Securities | |||||||||||||||||
Balance at beginning of year | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | $ | (408 | ) | $ | (46 | ) | $ | (454 | ) | ||
OCI before reclassifications | 6,288 | 209 | 6,497 | (761 | ) | (314 | ) | (1,075 | ) | |||||||||||
Amounts reclassified from AOCI | (1,962 | ) | — | (1,962 | ) | (2,157 | ) | — | (2,157 | ) | ||||||||||
Net current-period OCI | 4,326 | 209 | 4,535 | (2,918 | ) | (314 | ) | (3,232 | ) | |||||||||||
Balance at end of year | $ | 1,000 | $ | (151 | ) | $ | 849 | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of AOCI in net periodic benefit costs were as follows: | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
(In thousands) | August 31, 2013 | August 25, 2012 | Location on Consolidated Statements of Operations and Comprehensive Income | |||||||||||||||||
Amortization of prior service credit | $ | (4,493 | ) | $ | (3,990 | ) | Cost of goods sold | |||||||||||||
(677 | ) | (602 | ) | Operating expenses | ||||||||||||||||
(5,170 | ) | (4,592 | ) | |||||||||||||||||
1,944 | 1,791 | Income taxes | ||||||||||||||||||
(3,226 | ) | (2,801 | ) | |||||||||||||||||
Amortization of net actuarial loss | 1,412 | 896 | Cost of goods sold | |||||||||||||||||
213 | 135 | Operating expenses | ||||||||||||||||||
1,625 | 1,031 | |||||||||||||||||||
(361 | ) | (387 | ) | Income taxes | ||||||||||||||||
1,264 | 644 | |||||||||||||||||||
Total reclassifications | $ | (1,962 | ) | $ | (2,157 | ) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Accounting Policies [Abstract] | |||
Self insurance reserve for product liability, per occurance | $2.50 | ||
Self insurance reserve for product liability, aggregate per policy year | 6 | ||
Self insurance for product liability, self-insured retention | 1 | ||
Repurchase agreement term | 18 months | ||
Repurchase commitment, liability threshold | 100.00% | ||
Research and development expense | 3.8 | 3.4 | 3.2 |
Advertising expense | $4.70 | $4.30 | $3.40 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 10 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 30 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 3 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 10 years |
Transportation equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 4 years |
Transportation equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 6 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Goodwill and Amortizable Intangible Assets) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period | 7 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period | 10 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Concentration of Risk) (Details) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member]) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
dealerships | |||
states | |||
Dealer 1 [Member] | |||
Concentration Risk [Line Items] | |||
Percent of revenue | 27.00% | 26.00% | 18.00% |
Number of dealerships (in dealerships) | 68 | ||
Number of states (in states) | 26 | ||
Dealer 2 [Member] | |||
Concentration Risk [Line Items] | |||
Percent of revenue | 12.00% | ||
Number of dealerships (in dealerships) | 11 | ||
Number of states (in states) | 3 |
Acquisition_Purchase_Price_All
Acquisition (Purchase Price Allocation) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 | Dec. 29, 2010 | Dec. 29, 2010 | Dec. 29, 2010 | Dec. 29, 2010 |
In Thousands, unless otherwise specified | SunnyBrook [Member] | Dealer-networks [Member] | Trademarks [Member] | Non-compete agreement [Member] | ||
SunnyBrook [Member] | SunnyBrook [Member] | SunnyBrook [Member] | ||||
Business Acquisition [Line Items] | ||||||
Current assets | $5,773 | |||||
Property, plant and equipment | 337 | |||||
Goodwill | 1,228 | 1,228 | 1,228 | |||
Finite-lived intangible assets | 535 | 196 | 40 | |||
Current liabilities | -2,513 | |||||
Total fair value of net assets acquired | 5,596 | |||||
Less cash acquired | -902 | |||||
Total cash paid for acquisition less cash acquired | $4,694 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (SunnyBrook [Member], USD $) | 0 Months Ended |
Dec. 29, 2010 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total cash paid for acquisition less cash acquired | $4,694,000 |
Repayment of incurred debt | $3,300,000 |
Operating lease term | 5 years |
Amortizable intangible assets weighted average useful life | 9 years 9 months 18 days |
Dealer-networks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period | 10 years |
Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period | 10 years |
Non-compete agreement [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets amortization period | 7 years |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Inputs) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Student loan ARS | $2,108 | $9,074 |
Domestic equity funds | 7,127 | 7,924 |
International equity funds | 742 | 957 |
Fixed income funds | 287 | 487 |
Total assets at fair value | 10,264 | 18,442 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Student loan ARS | 0 | |
Domestic equity funds | 7,127 | 7,924 |
International equity funds | 742 | 957 |
Fixed income funds | 287 | 487 |
Total assets at fair value | 8,156 | 9,368 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Student loan ARS | 0 | |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Student loan ARS | 2,108 | 9,074 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | $2,108 | $9,074 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Level 3 Rollforward) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year | $9,074 | $10,627 |
Net realized loss included in non-operating income | -45 | 0 |
Net change included in other comprehensive income | 379 | -503 |
Sales | -7,300 | -1,050 |
Balance at the end of year | $2,108 | $9,074 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value Level 3 Quantitative Information) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | Auction Rate Securities [Member] | Auction Rate Securities [Member] | ||
Discounted Cash Flow Technique [Member] | Discounted Cash Flow Technique [Member] | |||
Minimum [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Student loan ARS | $2,108 | $9,074 | ||
Projected ARS Yield | 1.89% | 1.89% | ||
Discount for lack of marketability | 2.94% | 4.25% |
Investments_Details
Investments (Details) (Auction Rate Securities [Member], USD $) | 12 Months Ended |
Aug. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities | $2,400,000 |
Years of auction rate securities redemptions | 4 years |
Available-for-sale securities, maturity term | 25 years |
Temporary impairment | $242,000 |
Auction Rate Interval One [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Auction rate securities, rate setting interval | 7 days |
Auction Rate Interval Two [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Auction rate securities, rate setting interval | 28 days |
Auction Rate Interval Three [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Auction rate securities, rate setting interval | 35 days |
Inventories_Inventory_Schedule
Inventories (Inventory Schedule) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $43,927 | $30,054 |
Work-in-process | 46,257 | 45,240 |
Raw materials | 52,201 | 42,824 |
Total | 142,385 | 118,118 |
LIFO reserve | -29,844 | -31,024 |
Total inventories | $112,541 | $87,094 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Inventory Disclosure [Abstract] | |||
Inventory, gross | $142,385,000 | $118,118,000 | |
LIFO inventory amount | 136,100,000 | 110,100,000 | |
FIFO Towables inventory amount | 6,300,000 | 8,000,000 | |
Reduction to LIFO reserves | ($1,180,000) | ($613,000) | $2,075,000 |
Property_Plant_and_Equipment_a2
Property, Plant and Equipment and Assets Held for Sale (Property, Plant and Equipment) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $151,322 | $150,031 |
Less accumulated depreciation | -131,056 | -130,053 |
Total property, plant and equipment, net | 20,266 | 19,978 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 757 | 757 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 50,297 | 49,641 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 91,224 | 90,775 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $9,044 | $8,858 |
Property_Plant_and_Equipment_a3
Property, Plant and Equipment and Assets Held for Sale (Assets Held for Sale) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | Aug. 30, 2012 | Aug. 25, 2012 | 28-May-11 | Aug. 29, 2009 | |
Hampton Facility [Member] | Hampton Facility [Member] | Hampton Facility [Member] | Hampton Facility [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Impairment of long-lived assets to be disposed of | $50,000 | $605,000 | $855,000 | ||||
Gross proceeds from sale | 550,000 | ||||||
Selling costs incurred on assets held for sale | 28,000 | ||||||
Loss on disposition of assets held for sale | ($28,000) | ($50,000) | $39,000 | $28,000 |
Goodwill_and_Amortizable_Intan2
Goodwill and Amortizable Intangible Assets (Schedule of Amortizable Intangible Assets) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $770 | $770 |
Accumulated Amortization | 770 | 130 |
Dealer network [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 534 | 534 |
Accumulated Amortization | 534 | 88 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 196 | 196 |
Accumulated Amortization | 196 | 32 |
Non-compete agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 40 | 40 |
Accumulated Amortization | $40 | $10 |
Goodwill_and_Amortizable_Intan3
Goodwill and Amortizable Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill amortizable for tax return purposes only | $1,200,000 | ||
Amortization expense | $640,000 | $79,000 | $51,000 |
Credit_Facility_Details
Credit Facility (Details) (Revolving Credit Facility [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Oct. 31, 2012 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $35 | |
Maximum borrowing capacity with no financial covenant restrictions | 5 | |
Line of credit facility maximum amount of repurchased company stock within twelve months with no financial covenant restrictions | 25 | |
Additional borrowing capacity | $50 | |
Basis spread on variable interest rate | 3.00% | |
Unused line fee | 0.50% |
Warranty_Narrative_Details
Warranty (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
mi | |
Class A, B, and C Motor Homes [Member] | |
Product Liability Contingency [Line Items] | |
Warranty term | 12 months |
Warranty distance (in miles) | 15,000 |
Class A and C Sidewalls and Floors [Member] | |
Product Liability Contingency [Line Items] | |
Warranty term | 3 years |
Warranty distance (in miles) | 36,000 |
Towable Products [Member] | |
Product Liability Contingency [Line Items] | |
Warranty term | 12 months |
Warranty_Schedule_of_Product_W
Warranty (Schedule of Product Warranty Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of year | $6,990 | $7,335 | $7,634 |
Provision | 9,075 | 5,756 | 5,566 |
Claims paid | -7,622 | -6,101 | -5,865 |
Balance at end of year | $8,443 | $6,990 | $7,335 |
Employee_and_Retiree_Benefits_1
Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Postretirement health care benefit cost | $36,244 | $45,132 |
Non-qualified deferred compensation | 22,366 | 23,630 |
Executive share option plan liability | 6,959 | 7,798 |
SERP benefit liability | 2,876 | 3,342 |
Executive deferred compensation | 105 | 102 |
Officers stock-based compensation | 543 | 0 |
Total postretirement health care and deferred compensation benefits | 69,093 | 80,004 |
Less current portion | -5,019 | -4,869 |
Long-term postretirement health care and deferred compensation benefits | $64,074 | $75,135 |
Employee_and_Retiree_Benefits_2
Employee and Retiree Benefits (Changes in Postretirement Health Care Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Balance at beginning of year | $45,132 | $41,370 | |
Interest cost | 1,508 | 1,849 | 1,905 |
Service cost | 574 | 539 | 608 |
Net benefits paid | -1,109 | -1,213 | |
Actuarial (gain) loss | -5,572 | 7,185 | |
Plan amendment | -4,289 | -4,598 | |
Balance at end of year | $36,244 | $45,132 | $41,370 |
Employee_and_Retiree_Benefits_3
Employee and Retiree Benefits (Postretirement Benefit Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $1,508 | $1,849 | $1,905 |
Service cost | 574 | 539 | 608 |
Amortization of prior service benfit | -5,170 | -4,592 | -4,199 |
Amortization of net actuarial loss | 1,603 | 1,029 | 1,095 |
Net periodic postretirement benefit income | ($1,485) | ($1,175) | ($591) |
Employee_and_Retiree_Benefits_4
Employee and Retiree Benefits (Unrecognized Amounts Included in AOCI) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Prior service credit | ($16,926) | ($17,808) |
Net actuarial loss | 14,899 | 22,075 |
Accumulated other comprehensive (loss) income | ($2,027) | $4,267 |
Employee_and_Retiree_Benefits_5
Employee and Retiree Benefits (Expected Future Benefit Payments) (Details) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2014 | $1,202 |
2015 | 1,402 |
2016 | 1,573 |
2017 | 1,735 |
2018 | 1,893 |
2019-2023 | 11,383 |
Total | $19,188 |
Employee_and_Retiree_Benefits_6
Employee and Retiree Benefits (Investment in Life Insurance) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Cash value | $55,484 | $53,948 |
Borrowings | -30,433 | -30,821 |
Investment in life insurance | $25,051 | $23,127 |
Employee_and_Retiree_Benefits_7
Employee and Retiree Benefits (Postretirement Narrative) (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 25, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ||
Postretirement health care benefits age requirement before distribution occurs | 55 years | |
Postretirement health care benefits continuous service requirement | 15 years | |
Dollar cap liability reduction | 10.00% | |
Plan amendment | ($4,289,000) | ($4,598,000) |
Accumulated postretirement benefit obligation discount rate | 4.60% | 3.60% |
Actuarial (gain) loss | -5,572,000 | 7,185,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Prior service cost (credit) | -5,300,000 | |
Actuarial net gains (losses) | ($1,100,000) |
Employee_and_Retiree_Benefits_8
Employee and Retiree Benefits (Deferred Compensation Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Requiste service period prior to December 1992 | 20 years | ||
Employer discretionary contribution amount | $865,000 | $676,000 | $676,000 |
Key Employees [Member] | Non-Qualified Deferred Compensation Program (1981) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Vesting age | 55 years | ||
Requisite service period | 5 years | ||
Deferred compensation expense | 1,500,000 | 1,600,000 | 1,800,000 |
Deferred compensation liabilities | 22,400,000 | 23,600,000 | |
Officers and Managers [Member] | Supplemental Employee Retirement Plan (SERP) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation liabilities | 2,900,000 | 3,300,000 | |
Contractual amount of years after retirement | 15 years | ||
Officers and Key Employees [Member] | Executive Deferred Compensation Plan (2007) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation liabilities | 105,000 | 102,000 | |
Deferred compensation assets | 105,000 | 102,000 | |
Maximum salary deferral | 50.00% | ||
Maximum cash incentive award deferral | 100.00% | ||
Non-Qualified Share Option Program (2001) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation assets | 8,200,000 | 9,400,000 | |
Deferred share-based compensation liabilities | $7,000,000 | $7,800,000 | |
Additional contribution at initiation | 25.00% | ||
Required option exercise period | 15 years |
Contingent_Liabilites_and_Comm2
Contingent Liabilites and Commitments (Repurchase Commitments) (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 25, 2012 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Repurchase agreement term | 18 months | |
Accrued loss on repurchases | $1,287,000 | $627,000 |
Obligation to Repurchase from Dealers [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | 232,900,000 | 165,400,000 |
State Obligation to Repurchase [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | $8,000,000 | $5,000,000 |
Contingent_Liabilites_and_Comm3
Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Recreational_vehicles | Recreational_vehicles | Recreational_vehicles | |
Commitments and Contingencies Disclosure [Abstract] | |||
Inventory repurchased, units (in recreation vehicles) | 20 | 18 | 25 |
Inventory repurchased, dollars | $451 | $1,264 | $2,431 |
Inventory resold, units (in recreation vehicles) | 20 | 18 | 25 |
Inventory resold, cash collected | 353 | 1,113 | 2,144 |
Inventory resold, loss recognized | $98 | $151 | $287 |
Units in ending inventory (in recreation vehicles) | 0 | 0 | 0 |
Contingent_Liabilites_and_Comm4
Contingent Liabilites and Commitments (Lease Commitments) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expense | $949,000 | $864,000 | $642,000 |
Minimum future lease commitments under noncancelable lease agreements | |||
2014 | 1,070,000 | ||
2015 | 705,000 | ||
2016 | 257,000 | ||
2017 | 34,000 | ||
2018 | 8,000 | ||
Total | $2,074,000 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax (Benefit) Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Current | |||
Federal | $10,958 | $468 | $588 |
State | -680 | -584 | -564 |
Total current tax provision (benefit) | 10,278 | -116 | 24 |
Deferred | |||
Federal | 1,666 | -33,218 | 62 |
State | 1,197 | -1,531 | 8 |
Total deferred tax provision (benefit) | 2,863 | -34,749 | 70 |
Total tax provision (benefit) | $13,141 | ($34,865) | $94 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of U.S. Statutory Income Tax Rate) (Details) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Income Tax Disclosure [Abstract] | |||
US federal statutory rate | 35.00% | 34.00% | 34.00% |
State taxes, net of federal benefit | 2.10% | 2.50% | 2.10% |
Tax-free and dividend income | -2.20% | -9.70% | -8.40% |
Income tax credits | -1.70% | -1.70% | -4.60% |
Domestic production activities deduction | -2.40% | -1.10% | -1.30% |
Other permanent items | -0.80% | 4.80% | -0.10% |
Valuation allowance | 0.20% | -372.80% | -16.80% |
Uncertain tax positions settlements and adjustments | -1.10% | -1.60% | -4.10% |
Amended state returns | 0.00% | 0.60% | 0.00% |
Effective tax provision (benefit) rate | 29.10% | -345.00% | 0.80% |
Income_Taxes_Significant_Items
Income Taxes (Significant Items Comprising Deferred Tax Assets) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 29, 2009 | |
Income Tax Disclosure [Abstract] | ||||
Warranty reserves | $3,191,000 | $2,759,000 | ||
Self-insurance reserve | 1,704,000 | 1,556,000 | ||
Accrued vacation | 1,810,000 | 1,595,000 | ||
Inventory | -1,078,000 | 186,000 | ||
Deferred compensation | 1,118,000 | 1,215,000 | ||
Miscellaneous reserves | 997,000 | 1,142,000 | ||
Total current | 7,742,000 | 8,453,000 | ||
Postretirement health care benefits | 13,186,000 | 16,508,000 | ||
Deferred compensation | 10,678,000 | 12,416,000 | ||
Tax credits and NOL carryforwards | 2,070,000 | [1] | 2,750,000 | |
Unrecognized tax benefit | 1,206,000 | 1,416,000 | ||
Depreciation | -917,000 | -2,037,000 | ||
Other | 1,068,000 | 1,036,000 | ||
Total noncurrent | 27,291,000 | 32,089,000 | ||
Total gross deferred tax assets | 35,033,000 | 40,542,000 | ||
Valuation allowance | -1,642,000 | -1,569,000 | -45,300,000 | |
Total deferred tax assets | 33,391,000 | 38,973,000 | ||
Unused tax credits | 1,400,000 | |||
State NOL carryforward | 676,000 | |||
State NOL carryforward, not available due to suspension | $249,000 | |||
[1] | At AugustB 31, 2013, tax credits and NOL carryforwards included $1.4 million of unused tax credits, which will expire in Fiscal 2014, and $676,000 of state NOLs that will begin to expire in Fiscal 2018 if not otherwise used by us. A valuation allowance of $1.6 million has been maintained for these assets as it is unlikely that the $1.4 million of tax credits will be utilized before they expire and $249,000 of state NOLs are currently not available to be utilized due to a suspension put in place by that state. |
Income_Taxes_Changes_in_Unreco
Income Taxes (Changes in Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits - begininning balance | ($5,228,000) | ($5,387,000) | ($5,877,000) |
Gross decreases - tax positions in a prior period | 3,101,000 | 599,000 | 490,000 |
Gross increases - current period tax positions | -7,000 | -440,000 | 0 |
Unrecognized tax benefits - ending balance | -2,134,000 | -5,228,000 | -5,387,000 |
Unrecognized tax benefits, decrease resulting from current period tax positions | -1,900,000 | ||
Unrecognized tax benefits that would have a positive impact on effective tax rate | 2,800,000 | ||
Unrecognized tax benefits, increase (decrease) in interest on income taxes accrued | -235,000 | ||
Unrecognized tax benefits, increase (decrease) in income tax penalties accrued | -92,000 | ||
Unrecognized tax benefits, income tax penalties accrued | 542,000 | ||
Unrecognized tax benefits, interest on income taxes accrued | 1,300,000 | ||
Accrued interest and penalties (included in unrecognized tax benefits) | ($2,200,000) | ($2,400,000) |
NonOperating_Income_and_Expens2
Non-Operating Income and Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | $696 | $581 | $658 |
Total COLI [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | 1,026 | 1,007 | 1,032 |
COLI appreciation [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | 2,616 | 2,788 | 3,045 |
COLI death benefits [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | 537 | 528 | 372 |
COLI premiums [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | -487 | -514 | -564 |
COLI interest expense [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | -1,640 | -1,795 | -1,821 |
Total line of credit expense [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | -339 | -571 | -564 |
Loss on sale of investments [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | -45 | 0 | 0 |
Interest income [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | 65 | 143 | 194 |
Gain (loss) on foreign currency transactions [Member] | |||
Component of Other Income (Expense), Nonoperating [Line Items] | |||
Non-operating income | ($11) | $2 | ($4) |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Expense Components) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $3,009 | $1,918 | $1,315 |
Performance-based annual plan employee award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,055 | 120 | 0 |
Performance-based long-term plan employee award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 444 | 791 | 0 |
Time-based employee award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,145 | 685 | 1,068 |
Time-based directors award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 159 | 87 | 58 |
Director stock unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $206 | $235 | $189 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, Shares | 727,664 | 812,983 | 940,815 |
Options granted, Shares | 0 | 0 | 0 |
Options exercised, Shares | -4,000 | 0 | -9,000 |
Options canceled, Shares | -58,670 | -85,319 | -118,832 |
Outstanding at end of year, Shares | 664,994 | 727,664 | 812,983 |
Exercisable at end of year, Shares | 664,994 | 727,664 | 812,983 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Purchase Price [Roll Forward] | |||
Options granted, Price per Share (in dollars per share) | $0 | $0 | $0 |
Options exercised, Price per Share (in dollars per share) | $19 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | $29.08 | $28.84 | $27.82 |
Options granted, Wtd. Avg. Exercise Price per Share (in dollars per share) | $0 | $0 | $0 |
Options exercised, Wtd. Avg. Exercise Price per Share (in dollars per share) | $18.84 | $0 | $9.20 |
Options canceled, Wtd. Avg. Exercise Price per Share (in dollars per share) | $21.26 | $26.81 | $22.23 |
Outstanding at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | $29.83 | $29.08 | $28.84 |
Exercisable at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | $29.83 | $29.08 | $28.84 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Purchase Price [Roll Forward] | |||
Outstanding at beginning of year, Price per Share (in dollars per share) | $18 | $18 | $9 |
Options exercised, Price per Share (in dollars per share) | $9 | ||
Options canceled, Price per Share (in dollars per share) | $18 | $19 | $9 |
Outstanding at end of year, Price per Share (in dollars per share) | $26 | $18 | $18 |
Exercisable at end of year, Price per Share (in dollars per share) | $26 | $18 | $18 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Purchase Price [Roll Forward] | |||
Outstanding at beginning of year, Price per Share (in dollars per share) | $36 | $36 | $36 |
Options exercised, Price per Share (in dollars per share) | $11 | ||
Options canceled, Price per Share (in dollars per share) | $32 | $32 | $32 |
Outstanding at end of year, Price per Share (in dollars per share) | $36 | $36 | $36 |
Exercisable at end of year, Price per Share (in dollars per share) | $36 | $36 | $36 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Other Values Related to Options) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Aggregate intrinsic value of options exercised (1) | $1 | [1] | $0 | [1] | $53 | [1] |
Net cash proceeds from the exercise of stock options | 75 | 0 | 83 | |||
Actual income tax benefit realized from stock option exercises | $0 | $0 | $20 | |||
[1] | The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Share Awards Activity) (Details) (Stock Compensation Plan [Member], USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of year, Shares | 70,956 | 148,500 | 28,110 |
Granted, Shares | 190,738 | 50,000 | 151,000 |
Vested, Shares | -70,732 | -120,044 | -30,610 |
Canceled, Shares | 0 | -7,500 | 0 |
End of year, Shares | 190,962 | 70,956 | 148,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning of year, Weighted Average Grant Date Fair Value | $13.49 | $13.49 | $28.21 |
Granted, Weighted Average Grant Date Fair Value | $12.25 | $7.96 | $13.49 |
Vested, Weighted Average Grant Date Fair Value | $12.93 | $11.19 | $27.01 |
Canceled, Weighted Average Grant Date Fair Value | $0 | $13.49 | $0 |
End of year, Weighted Average Grant Date Fair Value | $12.46 | $13.49 | $13.49 |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | Oct. 09, 2012 | Aug. 31, 2013 | Aug. 25, 2012 | Oct. 09, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 25, 2012 | Aug. 31, 2013 | Aug. 25, 2012 | Nov. 30, 2013 | Aug. 30, 2014 | Oct. 16, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | |
2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Long Term Incentive Plans [Member] | Long Term Incentive Plans [Member] | Long Term Incentive Plans [Member] | Long Term Incentive Plans [Member] | Key Employees [Member] | Directors [Member] | Directors [Member] | Executive Chairman of the Board [Member] | Executive Chairman of the Board [Member] | Share-based Payments [Member] | Share-based Payments [Member] | First Quarter 2014 [Member] | Fiscal 2014 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Awards Excluding Stock Options and Stock Appreciation Rights [Member] | Stock Options [Member] | Non-time-based Awards [Member] | Non-time-based Awards [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | Restricted Stock [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | Annual Incentive Plan [Member] | Long Term Incentive Plans [Member] | Key Management [Member] | Key Management [Member] | Non-Management Board Members [Member] | ||||||||||||
Maximum [Member] | Maximum [Member] | Minimum [Member] | plans | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | employees | 2004 Incentive Compensation Plans [Member] | 2004 Incentive Compensation Plans [Member] | |||||||||||||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||
Number of shares authorized | 4,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||
Term of award | 10 years | 3 years | ||||||||||||||||||||||||||||||
Award vesting period | 3 years | 1 year | 3 years | 6 months | ||||||||||||||||||||||||||||
Vesting initiation period from grant date | 1 year | |||||||||||||||||||||||||||||||
Issuance of stock to directors (in shares) | 11,987 | 50,000 | ||||||||||||||||||||||||||||||
Years of service | 43 years | |||||||||||||||||||||||||||||||
Annual incentive plan, portion paid in cash | 0.667 | 0.667 | 0.667 | |||||||||||||||||||||||||||||
Annual incentive plan, portion paid in restricted stock | 0.333 | 0.333 | 0.333 | |||||||||||||||||||||||||||||
Stock-based compensation expense | $3,009,000 | $1,918,000 | $1,315,000 | $3,000,000 | $459,000 | $444,000 | $791,000 | $1,000,000 | $120,000 | $691,000 | $1,300,000 | |||||||||||||||||||||
Shares granted | 9,606 | 25,532 | 38,139 | 16,006 | 66,700 | 17,500 | ||||||||||||||||||||||||||
Shares granted, value | 318,000 | 443,000 | 1,800,000 | 477,000 | ||||||||||||||||||||||||||||
Repurchased shares | 2,408 | 7,295 | 19,436 | 7,875 | ||||||||||||||||||||||||||||
Number of plans established | 3 | |||||||||||||||||||||||||||||||
Term of sale restriction period after grant | 1 year | |||||||||||||||||||||||||||||||
Repurchased shares, value | 12,718,000 | 6,604,000 | 90,000 | 91,000 | 218,000 | |||||||||||||||||||||||||||
Aggregate intrinsic value of awards outstanding | 4,253,000 | 2,488,000 | ||||||||||||||||||||||||||||||
Aggregate intrinsic value of awards outstanding (in shares) | 111,700 | |||||||||||||||||||||||||||||||
Weighted average remaining contractual life for outstanding options | 1 year 3 months 4 days | |||||||||||||||||||||||||||||||
Weighted average remaining contractual life for exercisable options | 1 year 3 months 4 days | |||||||||||||||||||||||||||||||
Unrecognized compensation expense related to restricted stock awards | 1,100,000 | |||||||||||||||||||||||||||||||
Unrecognized compensation expense, period of recognition | 1 year 9 months 18 days | |||||||||||||||||||||||||||||||
Total fair value of awards vested | $1,100,000 | $1,200,000 | $582,000 | |||||||||||||||||||||||||||||
Number of employees | 60 | |||||||||||||||||||||||||||||||
Closing price of common stock on grant date | $27.28 | |||||||||||||||||||||||||||||||
Requisite service period | 3 years |
Net_Revenues_Classifications_R
Net Revenues Classifications (Revenues by Product Class) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Dec. 01, 2012 | Aug. 25, 2012 | 26-May-12 | Feb. 25, 2012 | Nov. 26, 2011 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $214,246 | $218,199 | $177,166 | $193,554 | $162,533 | $155,709 | $131,600 | $131,837 | $803,165 | $581,679 | $496,418 |
Net revenues (percent) | 100.00% | 100.00% | 100.00% | ||||||||
Motor homes, parts and service [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 718,580 | 496,193 | 456,337 | ||||||||
Net revenues (percent) | 89.50% | 85.30% | 91.90% | ||||||||
Towables [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | 54,683 | 56,784 | 16,712 | ||||||||
Net revenues (percent) | 6.80% | 9.80% | 3.40% | ||||||||
Other manufactured products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $29,902 | $28,702 | $23,369 | ||||||||
Net revenues (percent) | 3.70% | 4.90% | 4.70% |
Net_Revenues_Classifications_R1
Net Revenues Classifications (Revenues by Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Dec. 01, 2012 | Aug. 25, 2012 | 26-May-12 | Feb. 25, 2012 | Nov. 26, 2011 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $214,246 | $218,199 | $177,166 | $193,554 | $162,533 | $155,709 | $131,600 | $131,837 | $803,165 | $581,679 | $496,418 |
Net revenues (percent) | 100.00% | 100.00% | 100.00% | ||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 742,798 | 522,515 | 446,616 | ||||||||
Net revenues (percent) | 92.50% | 89.80% | 90.00% | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $60,367 | $59,164 | $49,802 | ||||||||
Net revenues (percent) | 7.50% | 10.20% | 10.00% |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted Income Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Dec. 01, 2012 | Aug. 25, 2012 | 26-May-12 | Feb. 25, 2012 | Nov. 26, 2011 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $10,616 | $7,661 | $6,285 | $7,391 | $40,908 | $3,941 | ($912) | $1,035 | $31,953 | $44,972 | $11,843 |
Weighted average shares outstanding | 28,075 | 29,145 | 29,121 | ||||||||
Net income per share - basic (in dollars per share) | $0.38 | $0.27 | $0.22 | $0.26 | $1.41 | $0.13 | ($0.03) | $0.04 | $1.14 | $1.54 | $0.41 |
Dilutive impact of awards and options outstanding | 95 | 62 | 27 | ||||||||
Weighted average shares and potential dilutive shares outstanding | 28,170 | 29,207 | 29,148 | ||||||||
Net income per share - assuming dilution (in dollars per share) | $0.38 | $0.27 | $0.22 | $0.26 | $1.41 | $0.13 | ($0.03) | $0.04 | $1.13 | $1.54 | $0.41 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 664,994 | 727,664 | 812,983 |
Antidilutive shares average price (in dollars per share) | $29.83 | $29.08 | $28.84 |
Interim_Financial_Information_2
Interim Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Dec. 01, 2012 | Aug. 25, 2012 | 26-May-12 | Feb. 25, 2012 | Nov. 26, 2011 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $214,246 | $218,199 | $177,166 | $193,554 | $162,533 | $155,709 | $131,600 | $131,837 | $803,165 | $581,679 | $496,418 |
Gross profit | 25,496 | 21,197 | 17,191 | 20,747 | 16,267 | 12,071 | 6,846 | 8,496 | 84,631 | 43,680 | 39,754 |
Operating income (loss) | 15,332 | 10,248 | 8,872 | 9,946 | 6,536 | 3,527 | -1,164 | 627 | 44,398 | 9,526 | 11,279 |
Net income (loss) | $10,616 | $7,661 | $6,285 | $7,391 | $40,908 | $3,941 | ($912) | $1,035 | $31,953 | $44,972 | $11,843 |
Net income (loss) per share (basic) (in dollars per share) | $0.38 | $0.27 | $0.22 | $0.26 | $1.41 | $0.13 | ($0.03) | $0.04 | $1.14 | $1.54 | $0.41 |
Net income (loss) per share (diluted) (in dollars per share) | $0.38 | $0.27 | $0.22 | $0.26 | $1.41 | $0.13 | ($0.03) | $0.04 | $1.13 | $1.54 | $0.41 |
Interim_Financial_Information_3
Interim Financial Information (Unaudited) (Narrative) (Details) (USD $) | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 29, 2009 |
In Thousands, unless otherwise specified | |||
Quarterly Financial Information Disclosure [Abstract] | |||
Valuation allowance on deferred tax assets | ($1,642) | ($1,569) | ($45,300) |
Deferred tax assets | $33,391 | $38,973 |
Comprehensive_Income_Changes_i
Comprehensive Income (Changes in AOCI by component) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | ($3,686) | ($454) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
OCI before reclassifications | 6,497 | -1,075 |
Amounts reclassified from AOCI | -1,962 | -2,157 |
Net current-period OCI | 4,535 | -3,232 |
Balance at end of year | 849 | -3,686 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | -3,326 | -408 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
OCI before reclassifications | 6,288 | -761 |
Amounts reclassified from AOCI | -1,962 | -2,157 |
Net current-period OCI | 4,326 | -2,918 |
Balance at end of year | 1,000 | -3,326 |
Unrealized Gains and Losses on Available- for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | -360 | -46 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
OCI before reclassifications | 209 | -314 |
Amounts reclassified from AOCI | 0 | 0 |
Net current-period OCI | 209 | -314 |
Balance at end of year | ($151) | ($360) |
Comprehensive_Income_Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | ($718,534) | ($537,999) | ($456,664) |
Income taxes | -13,141 | 34,865 | -94 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, after tax | -1,962 | -2,157 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | -4,493 | -3,990 | |
Operating expenses | -677 | -602 | |
Reclassifications, before tax | -5,170 | -4,592 | |
Income taxes | 1,944 | 1,791 | |
Reclassifications, after tax | -3,226 | -2,801 | |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of goods sold | 1,412 | 896 | |
Operating expenses | 213 | 135 | |
Reclassifications, before tax | 1,625 | 1,031 | |
Income taxes | -361 | -387 | |
Reclassifications, after tax | $1,264 | $644 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (FET Land Management [Member], USD $) | 8 Months Ended | 12 Months Ended | |
Aug. 27, 2011 | Aug. 31, 2013 | Aug. 25, 2012 | |
FET Land Management [Member] | |||
Related Party Transaction [Line Items] | |||
Annual lease payments | $660,000 | ||
Rent expense associated with lease payments | $440,000 | $660,000 | $660,000 |